CFTC Staff Letter 13-32: Time-Limited No-Action Relief for Certain Swap Dealers from Regulation 3.3 Annual Report Requirements

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. 13-32
No-Action
June 26, 2013
Division of Clearing and Intermediary Oversight Barbara Wierzynski General Counsel 2001 Pennsylvania Avenue NW Suite 600 Washington, DC 20006-1823 Re: Request for Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers Dear Ms. Wierzynski:
This letter is in response to your letter, dated June 24, 2013, to the Division of Swap Dealer and Intermediary Oversight (“Division”) of the U.S. Commodity Futures Trading Commission (“Commission”), submitted on behalf of certain member firms of the Futures Industry Association (“FIA”) that are provisionally registered swap dealers (“SDs”). 1 In that letter, you requested no-action relief with respect to compliance with certain requirements in Commission Regulation 3.3 relating to the Chief Compliance Officer (“CCO”) Annual Report (defined below). Your request for no-action relief was limited to SDs that: (1) are not registrants of the Securities and Exchange Commission (“SEC”) or regulated by a U.S. prudential regulator; and (2) ended their fiscal year on March 31, 2013 (“Covered Firms”). Regulatory Background
Section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
2 in relevant part, added Section 4s(k) of the Commodity Exchange Act (“Act”), 3 which requires each SD to designate an individual to serve as its CCO. Section 4s(k) requires that CCOs