Aug 8 -- The Commodity Futures Trading Commission (CFTC or Commission) is requesting nominations for membership on the Agricultural Advisory Committee (AAC or Committee) and is also inviting the submission of potential topics for discussion at future Committee meetings. The deadline for the submission of nominations and topics is September 7, 2022.
The AAC was established to assist the Commission in assessing issues affecting agricultural producers; consumers; processors; lenders; other major market participants, including derivatives intermediaries, buy-side representatives, and exchanges; regulators, and others interested in or affected by the agricultural derivatives markets through public meetings and Committee reports and recommendations. The duties of the AAC are solely advisory and include calling for reports and/or recommendations by the AAC or AAC subcommittee(s), adopting reports and/or recommendations, transmitting reports to the Commission, and making recommendations to the Commission. Determinations of actions to be taken and policy to be expressed with respect to the reports or recommendations of the AAC are made solely by the Commission.
AAC members generally serve as representatives and provide advice reflecting the views of organizations and entities that constitute the structure of the agricultural derivatives markets. . . . Historically, the AAC has had between 30-40 members representing the following viewpoint categories: (i) agricultural producers and/or direct and indirect users/consumers of agricultural products; (ii) providers of agricultural credit; (iii) other major market participants, including derivatives intermediaries, buy-side representatives, and exchanges; (iv) regulators or representatives from other relevant government agencies; and (v) academia or public interest groups.
The AAC has held approximately one meeting per year. AAC members serve at the pleasure of the Commission. In addition, AAC members do not receive compensation or honoraria for their services, and they are not reimbursed for travel and per diem expenses.
The Commission seeks members who represent organizations or groups with an interest in the AAC's mission and function and reflect a balanced and representative sample of agricultural producers; consumers; processors; lenders; other major market participants, including derivatives intermediaries, buy-side representatives, and exchanges; regulators, and others interested in or affected by the agricultural derivatives markets.
To advise the Commission effectively, AAC members must have a high-level of expertise and experience in the agricultural derivatives markets and the Commission's regulation of such markets, including from a historical perspective. To the extent practicable, the Commission will strive to select members reflecting wide ethnic, racial, gender, and age representation. AAC members should be open to participating in a public forum.
The office of the Commissioner primarily responsible for the AAC plays a primary, but not exclusive, role in this process and makes recommendations regarding membership to the Commission. The Commission, by vote, authorizes proposed members to serve on the AAC.
The Commission also invites submissions from the public regarding the topics on which the AAC should focus. In other words, topics that:
(a) Reflect matters of public concern to agricultural derivatives markets, such as contract design, hedging effectiveness, price discovery, customer protection, the role of intermediaries, exchange rules; and/or
(b) Are important to otherwise assist the Commission in identifying and understanding the impact and implications of the evolving market structure of the agricultural derivatives markets.
CFTC AAC: https://www.cftc.gov/About/AdvisoryCommittees/AAC