U.S. COMMODITY FUTURES TRADING COMMISSION 

RENEWAL CHARTER OF THE 

GLOBAL MARKETS ADVISORY COMMITTEE 

(1) Committee’s Official Designation. 

The advisory committee’s official designation is the Global Markets Advisory Committee 

(“GMAC”). 

(2) Authority. 

The GMAC is a discretionary advisory committee established by the authority of the U.S. 

Commodity Futures Trading Commission (“Commission”) in accordance with the 

Federal Advisory Committee Act (“FACA”), as amended, 5 U.S.C. App. II. 

(3) Objectives and Scope of Activities. 

The GMAC’s objectives and scope of activities shall be to conduct public meetings, and 

to submit reports and recommendations on matters of public concern to the Commission; 

financial market infrastructures; intermediaries including swap dealers; advisors, endusers, and other market participants; service providers; international standard setting 

bodies; regulators; and others interested in or affected by the regulatory challenges of 

global markets, which reflect the increasing interconnectedness of markets and the 

multinational nature of business. The GMAC will help the Commission to identify 

methods to improve both U.S. and international regulatory structures without unnecessary 

regulatory or operational impediments to global business and while still preserving core 

protections for customers and other market participants. The GMAC will also promote 

international engagement through its recommendations and make recommendations for 

appropriate international standards for regulating futures, swaps, options, and derivatives 

markets, as well as intermediaries. In addition, the GMAC will assist the Commission in 

assessing the impact of the Commission’s international efforts and the initiatives of 

foreign regulators and market authorities, including the impact on U.S. markets and 

firms. 

(4) Description of Duties. 

In accordance with 5 U.S.C. App. 2 § 9(b) of the FACA, the duties of the GMAC shall be 

solely advisory. The GMAC may, by simple majority vote, call for reports and/or 

recommendations by the GMAC or GMAC subcommittee(s), adopt reports and/or 

recommendations, and transmit reports and/or recommendations to the Commission. 

GMAC reports and/or recommendations shall be developed in consultation with all 

members of the GMAC and any transmission to the Commission shall include dissenting 

or minority views, if any. GMAC subcommittee reports and/or recommendations shall 

be deliberated on by the GMAC before transmission to the Commission. No 

determination of fact or policy shall be made by the GMAC on behalf of the 

Commission. Determinations of actions to be taken and policy to be expressed with 

respect to the reports and/or recommendations of the GMAC shall be made solely by the 

Commission. 
(5) Agency or Official to Whom the Committee Reports. 

The GMAC shall provide its reports and recommendations to the Commission. The 

GMAC will also have a “Sponsor,” who may be the Chairman of the Commission, a 

Commissioner, or a designee of the Commission, and who will be responsible for 

ensuring that the advice and recommendations of the GMAC are provided to the 

Commission. 

(6) Support. 

The Commission shall provide necessary support services for the GMAC. 

(7) Estimated Annual Operating Costs and Staff Years. 

The estimated annual operating costs for supporting the GMAC are approximately 

$175,000. This cost estimate includes costs associated with meeting expenses as well as 

the cost of .60 of one full-time Commission employee needed to support the GMAC on a 

continuing basis. GMAC members will not be compensated by the Commission for their 

services and will not be reimbursed or receive per diem from the Commission for travelrelated expenses to attend GMAC meetings. 

(8) Designated Federal Officer. 

The Commission shall appoint a full- or permanent part-time Commission employee to 

serve as the Designated Federal Officer (“DFO”) of the GMAC and any established 

GMAC subcommittees. The Commission may appoint additional full-time or permanent 

part-time Commission employees to serve as alternate DFOs (“ADFOs”) for the GMAC 

and/or any established subcommittees. The DFO or ADFO shall prepare and approve all 

meeting agendas; approve or call all GMAC or subcommittee meetings; attend all GMAC 

and subcommittee meetings; adjourn any meeting when the DFO or ADFO determines 

adjournment to be in the public interest; chair meetings when directed to do so by the 

Sponsor; and assist in the preparation and certification of meeting minutes. 

(9) Estimated Number and Frequency of Meetings. 

The GMAC shall meet at such intervals as are necessary to carry out its functions. It is 

estimated that meetings of the GMAC will occur at least twice annually; meetings of 

GMAC subcommittees may occur more frequently. 

(10) Duration. 

The GMAC will continue until two years from the date of renewal, unless the 

Commission directs that it terminate on an earlier date. 

(11) Termination.

The GMAC shall terminate two years from the date of renewal, unless the charter is 

renewed prior to its expiration in accordance with Section 14(a)(2)(A) of the FACA. 

(12) Membership and Designation. 

Members shall be appointed and removed by vote of the Commission. Members may be 

appointed or removed at any time. The Sponsor shall designate a member of the GMAC 

or GMAC subcommittee to serve as the Chair absent the objection of a majority of the 

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Commission. The Sponsor may also designate another committee or subcommittee 

member to serve as a co-Chair absent the objection of the majority of the Commission. 

Each member who is not a regular government employee shall serve on the GMAC either 

as a special government employee (“SGE”) or as the representative of an organization or 

identifiable group of persons with interests affected by the work of the GMAC. SGE 

members provide advice to the Commission on the basis of their expertise and best, 

independent judgment in a manner free from conflicts of interest. The Commission shall 

not appoint any federally registered lobbyist to serve as SGEs on the GMAC. 

Representative members serve on the GMAC primarily to convey to the Commission and 

to the GMAC the views and interests of the organizations and/or groups that they 

represent. The Commission may appoint individuals to serve as representative members. 

In addition, the Commission may authorize an organization that is affected by the work 

of the GMAC, or whose members are affected by the work of the GMAC, to serve as a 

member and designate an individual (with final approval by the Sponsor) to represent the 

organization and, where relevant, the organization's members. The member organization 

may also designate alternates with Sponsor approval. 

Members will represent a wide range of perspectives and interests, and may include the 

viewpoint categories listed below. The members will be selected to represent a balance 

of viewpoints that are necessary to effectively address the issues to be considered by the 

GMAC. Though the viewpoint categories and precise number of members in any 

category may vary over time, the Commission anticipates that the GMAC will have no 

more than 40 members who may represent the following viewpoint categories: 

(i) end-users; 

(ii) exchanges; 

(iii) swap execution facilities; 

(iv) swap data repositories; 

(v) clearinghouses; 

(vi) asset managers; 

(vii) intermediaries; 

(viii) swap dealers; 

(ix) service providers; 

(x) public interest groups; 

(xi) regulators; and 

(xii) international standard setting bodies. 

(13) Subcommittees.

The Commission may establish and dissolve GMAC subcommittees. The number of 

members on any GMAC subcommittee will not exceed the number of members serving 

on the GMAC. Current GMAC members may, with the Sponsor’s approval, serve on any 

GMAC subcommittee without Commission reappointment to a subcommittee. Other 

subcommittee members shall be appointed in the same manner as GMAC members. 

Subcommittee members shall be removed in the same manner as GMAC members. Any 

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subcommittees shall report to the GMAC and may not provide reports and/or 

recommendations directly to the Commission or to any Commission officer or employee. 

A GMAC subcommittee may, by simple majority vote, adopt its reports and/or 

recommendations, transmit reports and/or recommendations to the GMAC. GMAC 

subcommittee reports and/or recommendations shall be developed in consultation with all 

members ofthe GMAC subcommittee and any transmission to the GMAC shall include 

dissenting or minority views, if any. GMAC subcommittees shall have no authority to 

make decisions on behalf ofthe GMAC. No determination of fact or policy shall be 

made by any GMAC subcommittee on behalf ofthe Commission. 

(14) Recordkeeping. 

Records ofthe GMAC and any subcommittees are maintained in accordance with the 

General Records Schedule 6.2 and other Commission records guidance. Records of open 

GMAC meetings will be made available to the public on the Commission's website. 

(15) Filing Date. 

This charter has been filed with the Commission, the Senate Committee on Agriculture, 

Nutrition and Forestry, the House ofRepresentatives Committee on Agriculture, the 

Committee Management Secretariat ofthe U.S. General Services Administration, and the 

Library of Congress on August 18, 2022. 

Cll4i 1-.~- Christopher J. K'frkpiic 

Secretary ofthe Commission 

Dated: August 18, 2022 

Washington, D.C. 

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