Federal Register: CFTC Adopts Capital, Liquidity and Related Requirements for Swap Dealers
A CFTC final rule establishing minimum capital, liquidity, financial reporting and other related requirements applicable to CFTC-registered swap dealers ("SDs") and major swap participants ("MSPs") was published in the Federal Register.
As previously covered, the final rule covers the following areas relating to SDs and MSPs: (i) capital requirements, (ii) liquidity requirements, (iii) financial recordkeeping and reporting, (iv) the obligation to notify regulators if a firm's capital drops below certain levels and (v) limitations on the withdrawal of capital and liquid assets.
The final rule goes into effect on November 16, 2020, and compliance is required by October 6, 2021.
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