CFTC bids farewell to swap dealer regulation chief Gary Barnett


The U.S. Commodity Futures Trading Commission (CFTC) today announced that Gary Barnett, Director of the Division of Swap Dealer and Intermediary Oversight (DSIO), will depart the agency in January to take a senior position at the U.S. Securities and Exchange Commission (SEC). CFTC Chairman Tim Massad also announced today that Tom Smith, currently Deputy Director for DSIO’s Capital, Margin and Segregation Branch (CMS Branch), will become Interim Director for DSIO upon Mr. Barnett’s departure.

“I thank Gary for his dedicated service and counsel during my time at the Commission. While we are sorry to lose Gary, I look forward to continuing to work with him at the SEC,” said Chairman Massad.

Mr. Barnett joined the CFTC in August 2011 to organize and head the newly created DSIO. Mr. Barnett established the Division’s swap dealer registration and compliance programs; led the responses to the futures commission merchants and retail foreign exchange dealer crises following the failure of MF Global, including the reorientation of DSIO’s Exam Branch and the adoption of the FCM customer protection rules. Mr. Barnett also formed DSIO’s CPO/CTA team and led many of its key initiatives; contributed to many Dodd-Frank rulemakings and the CFTC’s cross-border guidance; and led DSIO’s implementation work for the new Dodd-Frank and customer protection rules.

“It has been an honor and a privilege to work with Chairman Massad, the Commissioners and the Commission staff during my time at the CFTC,” said Mr. Barnett. “I am extremely grateful for the opportunity I had to serve the Commission during a critical and challenging period, implementing Dodd-Frank and important enhancements to the futures regime. I also want to thank the talented and dedicated colleagues in DSIO for their extraordinary efforts.”

Before joining the CFTC, Mr. Barnett was a partner and headed the U.S. Derivatives and Structured Finance practice group at Linklaters, LLP in New York, and before joining Linklaters in 2004, he was a partner and co-head of the securitization and derivatives practice at Shearman & Sterling LLP.

Tom Smith joined the CFTC as an Attorney Advisor in 1992, having previously worked as a certified public accountant with Price Waterhouse. As head of DSIO’s CMS Branch, Mr. Smith’s responsibilities have included capital, margin and segregation requirements for market intermediaries, including futures commission merchants and swap dealers.

For the official announcement by the CFTC, click here.

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CFTC bids farewell to swap dealer regulation chief Gary Barnett

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