Regulatory Alerts2017-05-08 | 2017-09229Chief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendments
The Commodity Futures Trading Commission proposes amendments to clarify and harmonize chief compliance officer duties and annual reporting requirements for swap dealers, major swap participants, and futures commission merchants. The proposal defines 'senior officer' as the chief executive officer or equivalent to ensure CCO independence and refines duties to focus on administering policies required by regulation rather than all registrant activities. Additionally, the amendments introduce a reasonableness standard for resolving conflicts of interest and clarify that CCOs must ensure the establishment and maintenance of written compliance policies.
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