September 17, 2021

Volume XI, Number 260

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CFTC Acting Chairman Announces New Climate Risk Unit

On March 17, Acting Chairman Rostin Benham of the Commodity Futures Trading Commission announced that he has created a new Climate Risk Unit (CRU) to focus on the role of derivatives in mitigating climate-related risks and helping the economy transition to lower carbon usage. The CRU includes staff from across the CFTC’s various divisions and officers and represents the next step in years of climate leadership for the CFTC (including last year’s publication of the Market Risk Advisory Committee’s Climate-Related Market Risk Subcommittee’s report on Managing Climate Risk in the US Financial System).

The CRU will undertake ongoing market and stakeholder outreach to help support developments in the derivatives markets that facilitate understanding, pricing, and addressing climate-related risks. The CFTC also aims to utilize the CRU to increase participation in domestic and international fora focused on standards and practices across derivatives markets with respect to climate-related products and data. In addition, the CRU will help evaluate whether regulatory sandboxes or labs might serve to enhance further positive developments in this space.

CFTC Press Release

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume XI, Number 78
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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

...

312-902-5372
Christian B. Hennion, Finance Attorney, Katten Muchin Law Firm
Associate

Christian B. Hennion concentrates his practice in financial services and asset management matters, including counseling fund managers, registered investment advisers and commodity trading advisors on both transactional and regulatory matters. Chris has advised a wide range of US and international managers, from start-ups to large institutions, regarding a variety of matters, including private fund launches and reorganizations, advisory engagements, Investment Advisers Act and Commodity Exchange Act compliance obligations, Securities and Exchange Commission (SEC) and Commodity Futures...

312-902-5521
Elizabeth Organ Financial Markets and Funds Katten Muchin Rosenman New York, NY
Associate

Elizabeth Organ represents clients across the financial services industry, with a focus on regulatory compliance and advice. Liz's background positions her to provide valuable legal counsel on transactional and regulatory matters relating to commodities and derivatives, investment management, and cryptoassets and distributed ledger products.

Helping clients address complex regulatory and legal challenges

Liz assists clients with a range of financial services regulatory matters, collaborating with legal staff, business executives and regulators alike to pursue...

212.940.6561
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