On December 8, the Commodity Futures Trading Commission (CFTC) approved a final rule amending Part 37 of the CFTC Regulations addressing operational issues facing swap execution facilities (SEF) and their market participants in connection with the CFTC’s regulatory requirements for a SEF’s audit trail data, financial resources, and chief compliance officer (CCO). Specifically, the Final Rule (1) eliminates the requirement for a SEF to capture and retain post-execution allocation information in its audit trail data, (2) applies the existing Core Principle 13 financial resources requirements to SEF operations in a less burdensome manner, and (3) streamlines requirements for the CCO position and allows SEF management to exercise greater discretion in CCO oversight.
Continue Reading CFTC Unanimously Approves Final Rules Related to SEFs and Withdraws Comprehensive Proposals

On November 30, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight extended previously provided no-action relief for swap execution facilities (SEF) from certain timing requirements to file fourth-quarter financial reports and annual compliance reports.
Continue Reading CFTC Extends Timing Requirements for Certain SEF Year-End Reports

The Commodity Futures Trading Commission (CFTC) will hold a virtual open meeting on Tuesday, December 8 at 9:30 a.m. (ET).

At the meeting, the CFTC will consider, among other things, final rules on (1) electronic trading risk principles, (2) audit trail, financial resources and CCO requirements for swap execution facilities, (3) exemptions from swap trade execution requirement, (4) Part 190 bankruptcy regulations, and (5) margin requirements for uncleared swaps for swap dealers and major swap participants.
Continue Reading CFTC to Hold an Open Commission Meeting on December 8

On December 4, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) issued an advisory addressing the preparation of the Chief Compliance Officer (CCO) Annual Report for futures commission merchants, swap dealers and major swap participants. The CFTC advisory discusses a number of common deficiencies that the staff has identified in its review of the 2019 CCO Annual Reports and provides additional guidance to Registrants regarding the requirements of the CCO Annual Report in light of the deficiencies found.
Continue Reading CFTC Issues Guidance on Chief Compliance Officer Annual Report Preparation