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  1. #1

    CFTC’s swap dealer rule for compliance chiefs: many questions in first “annual reports”

    NEW YORK, Oct. 1, 2014 (Thomson Reuters Accelus) – New rules governing swap dealers and the requirements for dedicated chief compliance officers are now more than a year in effect, and a new review of the so-called “annual reports” that dealers must submit to the Commodities Futures Trading Commission suggest there are still lingering questions over the roles and responsibilities of CCOs, particularly for non-U.S. dealers.

  2. #2

    CFTC’s swap dealer rule for compliance chiefs: many questions in first “annual reports”

    The review, published by the law firm Wilmer Hale , found that as of May 31, 2014, 105 entities were provisionally registered as swap dealers, and therefore subject to the CFTC’s CCO rule, which came into force in December 2012. The study noted that of the total population, 53 were located in the United States, with the rest in other jurisdictions, including the European Union, Canada, Australia, Hong Kong, Japan, Mexico, Singapore, and Switzerland.

  3. #3

    CFTC’s swap dealer rule for compliance chiefs: many questions in first “annual reports”

    However, for non-U.S. dealers, the rules are somewhat more flexible. In December 2013, the CFTC issued several “comparability determinations” in accordance with the policies and procedures set forth in the CFTC’s Interpretive Guidance and Policy Statement regarding the cross-border application of the swap provisions of the Dodd-Frank Act and the Commission’s regulations.

  4. #4

    CFTC’s swap dealer rule for compliance chiefs: many questions in first “annual reports”

    “The comparability determinations permit non-U.S. swap dealers to comply with most of the CCO requirements of their home jurisdictions — including the annual reporting requirements of their home jurisdictions — rather than the requirements under the CCO Rule (i.e., “substituted compliance”),” the review said.

  5. #5

    CFTC’s swap dealer rule for compliance chiefs: many questions in first “annual reports”

    In essence, both U.S. and non-U.S. swap dealers require that CCOs be “actively engaged in all aspects of swap dealer compliance, be provided with both the authority and resources to facilitate effective compliance, and have direct and meaningful access to the swap dealer’s governing body.”
    In reviewing the swap dealer submissions of policies and procedures – so-called “Section 4s” – the CFTC and the National Futures Association (NFA)– the self-regulatory association charged with implementing swap dealer registration requirements and overseeing swap dealer compliance with Commission regulations — have found numerous requests for more detail, particularly regarding the procedures swap dealers are or will be using to implement their policies.

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