Dual and Multiple Associations of Persons Associated With Swap Dealers, Major Swap Participants and Other Commission Registrants; Proposed Rule (CFTC)

See: 77 FR 35892

The CFTC is proposing regulations that would provide for dual and multiple associations of persons associated with SDs, MSPs and other Commission registrants (i.e., FCMs, retail foreign exchange dealers (RFEDs). The proposal would make clear that each swap dealer (SD), major swap participant (MSP), and other CFTC registrant with whom an associated person (AP) is associated registrant with whom an associated person (AP) is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other CFTC registrant (proposal).

Comments Due: August 14, 2012

Cross References: CFTC Rules 3.12 and 23.22.

For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Robert Zwirb.