CFTC Simplifies Chief Compliance Officer Duties, Annual Report Rules

The Commodity Futures Trading Commission yesterday unanimously adopted rule amendments simplifying its regulations governing chief compliance officer duties and annual compliance reporting requirements for registered swap dealers, major swap participants and futures commission merchants.

The rule 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 to allow for greater efficiencies for the market intermediaries registered with both agencies.


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