The CFTC is composed of five Commissioners, appointed by the President, with the advice and consent of the Senate. No more than three Commissioners may be from the same political party as the President to ensure that the CFTC consists of both Democrats and Republicans. The President also appoints one of the Commissioners to serve as Chairperson. This means that if the CFTC has a full slate of Commissioners, three Commissioners should be the same political party as the President with one of the three Commissioners serving as Chairperson, and the remaining two Commissioners will be of the opposite political party of the President.
The CFTC consists of numerous operating divisions and departments. The operating Divisions directly involved in administering the CEA are identified below:
- Division of Clearing and Risk ─ Oversees derivatives clearing organization as well as other intermediaries in the clearing process.
- Division of Enforcement ─ Investigates and prosecutes alleged violations of the Commodity Exchange Act and the CFTC’s regulations.
- Division of Market Oversight ─ Regulates derivatives trading platforms and swap data repositories. Responsible for reviewing new applications for designated contract markets, swap execution facilities, and swap data repositories, among others.
- Market Participants Division ─ Regulates intermediaries including commodity pool operators, commodity trading advisors, futures commission merchants, swap dealers, and others. The division is also responsible for educating customers on ways to protect themselves from market fraud.
- Division of Data ─ Collaborates with other CFTC divisions to collect, sort, and analyze data, including data submitted by registered entities. Also responsible for administering the CFTC’s data strategy and governance.
- Office of the General Counsel ─ Provides legal services and support to the CFTC and all of its programs.
- Office of International Affairs – Advises the CFTC regarding international regulatory issues and initiatives.