August 21, 2018

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

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