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 reports to achieve its intended purpose,” the rule says. “Rather, the intention of the statute is to require the CCO annual report to follow an annual reporting cycle in line with the financial reporting cycle aimed at providing the Commission, and a registrant’s senior management, with a timely self- evaluation and internal assessment of the compliance program.”

The final rule codifies and supersedes CFTC Staff Letter No. 15-15, issued March 27, 2015. It is is effective immediately upon publication in the Federal Register.