Regulatory Alerts2013-10-28 | 2013-25279Swap Dealers and Major Swap Participants; Clerical or Ministerial Employees
The Commodity Futures Trading Commission adopted a final rule amending Regulation 23.22 to clarify that the statutory disqualification prohibition does not apply to individuals employed by swap dealers or major swap participants in a clerical or ministerial capacity. This amendment aligns the regulation with the Commodity Exchange Act's definition of associated persons, which excludes those performing solely clerical or ministerial functions from the prohibition against employing statutorily disqualified persons. The Commission determined that the rule imposes no new costs or paperwork burdens and will not have a significant economic impact on small entities.
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