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CFTC simplifies its regulations governing compliance officers

Jaclyn Jaeger | August 23, 2018

The Commodity Futures Trading Commission on Aug. 21 unanimously approved final amendments clarifying and simplifying its regulations governing chief compliance officer duties and annual compliance reporting requirements for futures commission merchants, swap dealers, and major swap participants.

The amendments clarify a CCO’s duties 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 burdens while also making the reports more effective.

By adopting these amendments, the CFTC is also further synchronizing the CCO regulations with the comparable regulations adopted by the Securities and Exchange Commission for security-based swap dealers. The further convergence of the two regimes will allow greater efficiencies for the market intermediaries...

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