Joshua Sterling, the Director of the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO), recently announced that his Division would soon be starting a thematic review of certain swap dealers and commodity pool operators (CPOs) to better understand the markets that the CFTC oversees, as well as the activity of registrants in those markets. Although the DSIO has authority for overseeing the derivatives markets, Sterling has stated it has not conducted direct reviews of CPOs and swap dealers. Thus, this review is intended to “mitigate the potential for blind spots in [the DSIO’s] oversight and enhance [its] engagement with registrants.” To help fund managers better contextualize this review and what it will involve, the Hedge Fund Law Report recently spoke with Sterling. This article sets forth his thoughts, including on the genesis of the thematic review program; the expected scope and process of the reviews; the role of enforcement in the review process; and the expected guidance or other information to be produced at the end of the review process. For coverage of another CFTC initiative, see “Newly Revealed CFTC Self-Reporting and Cooperation Regime Could Offer Benefits to Fund Managers, or Lead to Increased Enforcement” (Oct. 19, 2017).