Time-Limited No-Action Relief for FCMs, Swap Dealers, and Major Swap Participants from Regulation 3.3(f)(2) Timing 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. 13-84
No-Action
December 30, 2013
Division of Swap Dealer and Intermediary Oversight Re: Time-Limited No-Action Relief for Futures Commission Merchants, Swap Dealers, and Major Swap Participants from Compliance with the Timing Requirements of Commission Regulation 3.3(f)(2) Relating to Annual Reports by Chief Compliance Officers Ladies and Gentlemen:
This letter is in response to two letters from the Futures Industry Association, each dated December 26, 2013, to the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission”) requesting relief from the timing requirements for submitting an Annual Report, as set forth in Commission Regulation (“Regulation”) 3.3(f)(2), 1 by (1) futures commission merchants (“FCMs”); and (2) swap dealers (“SDs”). 2 The requested relief would be applicable to the submission to the Commission of an Annual Report by the chief compliance officer (“CCO”) of such firms during calendar year
2014. 3
Regulatory Background
Section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(“Dodd-Frank Act”) 4 added Section 4s(k) to the Commodity Exchange Act (“CEA”), 5 which requires each SD and major swap participant (“MSP”) to designate an individual to serve as its CCO, who must perform the duties and responsibilities required by Commission Regulations. In addition, section 732 of the Dodd-Frank Act added Section 4d(d) to the CEA, which imposes similar requirements on FCMs. Pursuant to that authority, the Commission has promulgated Regulation 3.3, which, among other things, requires that FCMs, SDs, and MSPs designate a CCO meeting certain qualifications and sets forth the duties and responsibilities of a CCO.