Commodity Futures Trading Commission Sharon Bowen proposed measures to improve corporate governance at swap execution facilities, swaps intermediaries and commodity brokers in a speech last week before the Managed Futures Association Forum 2016. Among other things, Ms. Bowen suggested that relevant firms should be required to establish “appropriate fitness standards for their boards of directors,” including to insure that independent directors have “significant experience in the industry” and that chief compliance officers, “should be responsible for monitoring and improving the culture of compliance at each firm.” Separately, Steven Maijoor, Chairperson of the European Securities and Markets Authority, applauded the increased financial resiliency of clearinghouses (CCPs) in Europe, but indicated that regulators must now work to enhance CCPs recovery and resolution plans. He said that CCPs “are now like seaworthy vessels heading for the ocean, but without the lifeboats in place.” In continuing his boating analogy, Mr. Maijoor referenced a scene in the renowned Monty Python lifeboat sketch addressing cannibalism (click here to access). “While the scene starts off as quite nasty with a debate who should eat who,” recounted Mr. Maijoor, “ultimately it has a happy ending with a good dinner. Let’s keep that in mind when making recovery and resolution plans for CCPs.” Mr. Maijoor gave his speech before the Banque de France Recovery and Resolution policy conference last week.