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CFTC rule clarifies compliance officer reporting

Joe Mont | November 11, 2016

The Commodity Futures Trading Commission has approved a final rule that amends a previous regulation addressing the timing for annual reports filed by the chief compliance officers for certain registrants.

The rule amends CFTC regulation 3.3 to provide futures commission merchants, swap dealers, and major swap participants 90 days following their fiscal year-end to file chief compliance officer annual reports. It also clarifies the filing requirements applicable to swap dealers and major swap participants located in jurisdictions the Commission has granted a comparability determination with respect to the contents of the reports.

“The Commission believes that the language in [the Commodities Exchange Act] requiring the CCO to ‘annually’ prepare a compliance report to accompany each ‘appropriate’ financial report does not require a simultaneous filing of the two...

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