CFTC unanimously approved final amendments clarifying and simplifying its regulations governing chief compliance officer (CCO) duties and annual compliance reporting requirements for futures commission merchants (FCM), swap dealers, and major swap participants. The rule will be effective 30 days after its publication in the Federal Register.
These amendments clarify the duties of a CCO by providing reasonable standards and guidance on effective compliance. The amendments also modify the CCO annual report content and submission requirements to reduce report preparation burden while also making the reports more effective. By adopting these amendments, CFTC is further synchronizing the CCO regulations with the comparable regulations adopted by SEC for security-based swap dealers. The further convergence of the two regimes will allow greater efficiencies for the market intermediaries registered with both agencies. This action is consistent with Chairman Giancarlo’s Project KISS, an agency-wide initiative to adopt appropriate changes and simplify agency rules, regulations, and practices to make them efficient and less burdensome.
Effective Date: FR + 30 Days
Keywords: Americas, US, Banking, Securities, Swap Dealers, CCO Duties, Compliance Reporting, Project KISS, CFTC
Previous ArticleEC Adopts Standards on Forms and Templates for Resolution Planning
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.