The U.S. Commodity Futures Trading Commission (CFTC) has announced that Gary Barnett, the CFTC’s Director of the Division of Swap Dealer and Intermediary Oversight (DSIO), plans to leave the CFTC in January and join the SEC. During Mr. Barnett’s tenure, the DSIO established swap dealer registration and compliance programs and implemented numerous CFTC rules under the Dodd-Frank Act. Mr. Barnett played a key role in shaping the CFTC’s policies concerning swap dealers and cross-border issues prevalent in the swaps industry. Mr. Barnett’s new role at the SEC has not been announced, but one could speculate that he will be tasked to oversee the development and implementation of the SEC’s security-based swap rules, which have lagged behind the CFTC’s rules.