RegAlert2013-03-28 | CFTC Staff Letter 13-03Added · Updated
CFTC Staff Letter 13-03: No-Action Relief for Certain Futures Commission Merchants from Regulation 3.3 Annual Report Requirements
The Division of Swap Dealer and Intermediary Oversight grants time-limited no-action relief to Covered Firms, defined as futures commission merchants registered as of June 4, 2012, that are not regulated by a U.S. prudential regulator or registered with the SEC. This relief applies specifically to the first Annual Report required for the fiscal year ending March 31, 2013, allowing these firms to satisfy modified content requirements under Commission Regulation 3.3 instead of the full standard. The modified report must include an executive summary, a review of policies related to customer protection rules, and a certification limited to the period from March 29, 2013, through March 31, 2013. The Division will not recommend enforcement action if the report is furnished electronically no later than July 29, 2013, and satisfies specific subparagraphs of Regulation 3.3.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5977
Facsimile: (202) 418-5407 gbarnett@cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Gary Barnett
Director
CFTC Letter No. 13-03
No-Action
March 28, 2013
Division of Swap Dealer and Intermediary Oversight Michelle Broom Chief Compliance Officer 125 West 55th Street, 20th Floor New York, NY 10019 Re: Request for Time-Limited No-Action Relief for Certain Futures Commission Merchants from Compliance with Certain Requirements of Commission Regulation
3.3 Relating to Annual Reports by Chief Compliance Officers
Dear Ms. Broom:
This letter is in response to your letter, dated March 8, 2013, to the Division of Swap Dealer and Intermediary Oversight (“Division”) of the U.S. Commodity Futures Trading Commission (“Commission”) in which you requested no-action relief with respect to compliance with certain requirements in Commission Regulation 3.3 relating to the Annual Report (defined below) for Macquarie Futures USA LLC and similarly situated futures commission merchants (“FCMs”) that (1) were registered with the Commission as of June 4, 2012; and (2) are not currently regulated by a U.S. prudential regulator or registered with the U.S. Securities and Exchange Commission (together, “Covered Firms”). Regulatory Background
Section 732 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(“Dodd-Frank Act”) 1 added Section 4d(d) of the Commodity Exchange Act (“Act”), 2 which requires each FCM to designate an individual to serve as its chief compliance officer (“CCO”), who must perform the duties and responsibilities required by Commission Regulations. Pursuant to that authority, the Commission has promulgated Commission Regulation 3.3, which, among
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Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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