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CFTC Issues Financial Reporting Guidance for Japanese Swap Dealers

CFTC staff issued an interpretation clarifying reporting requirements under a substituted compliance order for Japanese nonbank swap dealers. 

The Market Participants Division ("Division") staff interpretation clarified compliance with condition 9 ("Annual Business Reports") under the CFTC's July 18, 2024 comparability determination and Order. (See also, prior coverage.) The Division confirmed that Japanese nonbank SDs may fulfill their obligation to file Annual Business Reports "by filing with the CFTC and the NFA certain enumerated schedules of the Annual Business Report (In Scope Schedules), subject to the translation, U.S. dollar conversion, and deadline requirements."  

 

Primary Sources

  1. CFTC: Press Release: CFTC Staff Issues Interpretation Regarding Financial Reporting Requirements for Japanese Nonbank Swap Dealers

Tags

Regulated Activities
Cross-Border Financial Recordkeeping & Reporting
Sub-Activity
Substituted Compliance
Regulated Entities
Swap Dealers / SBSDs
Body of Law
CEA Regulation
Jurisdiction
US - Federal , European Union or Non-U.S. Country
Impacted Foreign Jurisdiction
Japan
Organization
CFTC, NFA, CFTC Markets
Sub-Author
CFTC