The Commodity Futures Trading Commission has approved a final rule that amends certain filing requirements for futures commission merchant (FCM) and swap dealer (SD) chief compliance officer (CCO) annual reports. Most notably, the CFTC extended the filing deadline to 90 days after the registrant’s fiscal year-end. (The previous filing deadline had been 60 days after fiscal year-end, which had been extended to 90 days through various no-action letters). The CFTC also revised the CCO annual report filing requirements to clarify that the report does not need to be filed simultaneously with the relevant FCM’s or SD’s financial report.
In addition, the CFTC adopted a separate timeline for FCMs and SDs that are subject to a substituted compliance regime. Pursuant to the new filing requirements, substituted compliance registrants generally are required to file the comparable annual report with the CFTC 15 days after the date in which the report must be completed under the requirements of the applicable substituted compliance regime. If the substituted compliance regime does not specify a date, then the annual report must be filed with the CFTC within 90 days after fiscal year-end.
The CFTC’s adopting release is available here.