Business Conduct Standards for Swap Dealers and Major Swap Participants With Counterparties (Final Rules)

77 FR 9734

The CFTC is adopting final rules to implement the Dodd-Frank Act's business conduct requirements for swap dealers and major swap participants in their dealings with counterparties, including "Special Entities." These rules prescribe external business conduct standards for swap dealers and major swap participants. In particular, the rules prohibit certain abusive practices, require disclosures of material information to counterparties and require SDs/MSPs to undertake certain due diligence relating to their dealings with counterparties, but do not apply to transactions initiated on a swap execution facility or designated contract market when the SD/MSP does not know the identity of the counterparty prior to execution.

Cross References: Dodd-Frank Section 731; CEA Section 4s(h); 17 CFR Parts 4 23; 75 FR 80638.