The U.S. Commodity Futures Trading Commission (CFTC) said in a press release on December 16 that Gary Barnett, Director of the Division of Swap Dealer and Intermediary Oversight (DSIO), will leave 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 the DSIO’s Capital, Margin and Segregation Branch, will become Interim Director for the DSIO when Mr. Barnett departs.
“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, according to the press release.
Mr. Barnett joined the CFTC in August 2011 to organize and head the newly created DSIO.
“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, ” the press release said.
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, according to the press release.