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Committee Detail

Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameTechnology Advisory CommitteeAgency NameCommodity Futures Trading Commission
Fiscal Year2019Committee Number5305
Original Establishment Date11/12/1999Committee StatusChartered
Actual Termination Date Committee URLhttp://www.cftc.gov/About/CFTCCommittees/Techno...
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*40
Current Charter Date9/21/2018Designated Fed Officer Position Title*Director, LabCFTC
Date Of Renewal Charter9/21/2020Designated Federal Officer PrefixMr.
Projected Termination Date Designated Federal Officer First Name*Daniel
Exempt From Renewal*NoDesignated Federal Officer Middle Name
Specific Termination AuthorityDesignated Federal Officer Last Name*Gorfine
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*Commission voteDesignated Federal Officer Phone*(202) 418-5625
Effective Date Of Authority*11/12/1999Designated Federal Officer Fax*
Committee Type*ContinuingDesignated Federal Officer Email*dgorfine@cftc.gov
Presidential*No
Committee Function*Non Scientific Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredNot Applicable
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*The TAC was established to conduct public meetings, submit reports and recommendations to the Commission, and otherwise assist the Commission with identifying and understanding the impact and implications of technological innovation in the financial services and commodity markets. The TAC will continue to accomplish this purpose by providing advice on 1) the application and utilization of new technologies in the financial services and commodity markets and by market professionals and users; 2) the appropriate level of investment in technology at the Commission to meet its surveillance and enforcement responsibilities; and 3) the need for strategies to implement rules and regulations to support the Commission's mission of facilitating market-enhancing innovation and ensuring the integrity of the markets.This year, the TAC further fleshed out particular timely areas of technological innovation by recommending the creation of four substantive subcommittees, including: Virtual Currencies, DLT and Market Infrastructure, Cybersecurity, and Automated and Modern Trading Markets. Through subsequent creation of these subcommittees by the Commission, focused work has begun in generating actionable feedback and recommendations.
How is membership balanced?*The Commission will continue to keep the TAC’s membership balanced by appointing members representing a wide array of backgrounds, including those who represent industry, regulatory organizations, exchanges, academia, think tanks and/or public interest groups.
How frequent & relevant are cmte mtgs?*The TAC typically meets two to three times a year. The Commission continues to rely upon and benefit from the advice and recommendations of the TAC's members. The TAC’s DFO also serves as the Director of the Commission’s LabCFTC initiative, which is focused on facilitating market-enhancing FinTech innovation and ensuring that the Commission keeps pace with technology-driven changes in our markets. The DFO is therefore well-positioned to ensure the timeliness and relevance of the TAC agenda.
Why advice can't be obtained elsewhere?*Developments in technology are having a continuing impact on the markets regulated by the CFTC and on the regulatory choices to be made by the agency. Recent innovations that may significantly impact our markets include BlockChain, Distributed Ledger Technology (DLT), Virtual Currencies, Artificial Intelligence / Machine Learning, and Cloud Computing. The TAC allows the Commission to be an active participant in market innovation, explore the appropriate investment in technology, and advise the Commission on the need for strategies to implement rules and regulations to support the Commission's mission of facilitating market-enhancing innovation and ensuring the integrity of the markets. By leveraging the expertise of the TAC Members and their particularized knowledge, the Commission can keep pace with rapidly developing technologies and business models in order to ensure open, transparent, competitive, and financially sound markets.
Why close or partially close meetings?N/A
Recommendation Remarks
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesNoAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryNoAction OtherYes
Outcome Increased Customer SatisfactionNoAction CommentAs a result of the formal recommendations by the TAC and the creation of the four subcommittees, the Commission is now looking to the subcommittees, especially regarding virtual currencies and automated trading, to make recommendations to the TAC that will help inform subsequent actionable recommendations by the TAC to the Commission; these recommendations may involve related policy and regulatory recommendations.
Outcome Implement Laws/Reg RequirementsYesGrants Review*No
Outcome OtherYesNumber Of Grants Reviewed0
Outcome CommentThe TAC assists the Commission with identifying and understanding the impact and implications of technological innovation in the financial services and commodity markets, and also contributes to pending rulemakings, appropriate regulatory approaches, and policy considerations within the Commission. This past year’s TAC efforts have also helped drive public trust in government given the Agency’s proactive efforts to understand emerging opportunities, risks, and challenges.Number Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentN/AGrants Review CommentN/A
Number Of Recommendations*4Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentThe TAC formally recommended the creation of four substantive subcommittees that would pursue specific work streams under the guidance of the TAC. The recommended subcommittees include: Virtual Currencies, DLT and Market Infrastructure, Cybersecurity, and Automated and Modern Trading Markets. These subcommittees were subsequently created and populated with Members by the Commission, and have begun work intended to drive recommendations and feedback for TAC consideration.Access Agency WebsiteYes
% of Recs Fully Implemented*100.00%Access Committee WebsiteNo
% of Recs Fully Implemented CommentThe TAC recommended the creation of four substantive subcommittees; the Commission adopted 100% of these recommendations.Access GSA FACA WebsiteYes
% of Recs Partially Implemented*0.00%Access PublicationsNo
% of Recs Partially Implemented CommentN/AAccess OtherNo
Agency Feedback*Not ApplicableAccess CommentN/A
Agency Feedback CommentThe Commission did not provide formal feedback as the recommendations called for the straightforward creation of four substantive subcommittees focused on pursuing relevant work streams.Narrative Description*The Commission's mission is to protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster responsible innovation and open, competitive, and financially sound markets. The TAC supports this mission and the agency's strategic plan by assisting the Commission with identifying and understanding the impact and implications of technological innovation in the financial services and commodity markets.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members* Est Payments to Non-Fed Members Next FY* 
Payments to Federal Members* Est. Payments to Fed Members Next FY* 
Payments to Federal Staff* Estimated Payments to Federal Staff* 
Payments to Consultants* Est. Payments to Consultants Next FY* 
Travel Reimb. For Non-Federal Members* Est Travel Reimb Non-Fed Members nextFY* 
Travel Reimb. For Federal Members* Est Travel Reimb For Fed Members* 
Travel Reimb. For Federal Staff* Est. Travel Reimb to Fed Staff Next FY* 
Travel Reimb. For Consultants* Est Travel Reimb to Consultants Next FY* 
Other Costs Est. Other Costs Next FY* 
Total Costs$0.00Est. Total Next FY*$0.00
Federal Staff Support (FTE)* Est. Fed Staff Support Next FY* 
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

  
ActionCommittee System IDCommittee NameFiscal Year
 COM-032635Technology Advisory Committee2018
 COM-001086Technology Advisory Committee2017
 COM-003156Technology Advisory Committee2016
 COM-003234Technology Advisory Committee2015
 COM-005132Technology Advisory Committee2014
 COM-005491Technology Advisory Committee2013
 COM-007399Technology Advisory Committee2012
 COM-007610Technology Advisory Committee2011
 COM-009444Technology Advisory Committee2010
 COM-013211Technology Advisory Committee2006
 COM-013385Technology Advisory Committee2005
 COM-015177Technology Advisory Committee2004
 COM-015316Technology Advisory Committee2003
 COM-017069Technology Advisory Committee2002
 COM-017276Technology Advisory Committee2001
 COM-019052Technology Advisory Committee2000