"CFTC Amends Chief Compliance Officer Duties and Annual Report Requirements"

Journal of Investment Compliance, Vol. 20

08 Mar 2019

Of counsel in Morrison & Foerster’s Washington, D.C. office Julian Hammar summarizes the requirements of rule amendments promulgated by the Commodity Futures Trading Commission (CFTC) in 2018. His analysis touches on the duties of Chief Compliance Officers (CCOs) of swap dealers, major swap participants, and futures commission merchants (collectively, Registrants) in light of the CFTC’s final rule amendments meant to harmonize with similar rules of the Securities and Exchange Commission (SEC) applicable to security-based swap dealers.

This paper finds that the rule amendments provide a number of helpful clarifications and simplify certain existing requirements for Registrants and their CCOs subject to the rules. While the rules overall achieve greater harmonization with similar rules of the SEC governing CCOs of security-based swap dealers, this paper notes that care will need to be taken by CFTC Registrants who also become registered with the SEC to be cognizant of remaining differences between the CFTC’s and SEC’s rules in order to ensure compliance with the rules of each agency.

Read Julian Hammar's article to learn more.



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