Dual and Multiple Associations of Persons Associated with SDs, MSPs and Other Commission Registrants (Fed. Reg. Version; Final Rule)

The CFTC has approved final regulations governing dual and multiple associations of associated persons ("APs") of swap dealers ("SDs"), major swap participants ("MSPs") and other CFTC registrants (e.g., FCMs, IBs, CPOs and CTAs). The regulations provide that each SD, MSP and other CFTC registrant with whom an 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. This rule is based on the CFTC's current rule governing APs associated with more than one CFTC-registered firm.

Effective Date: June 7, 2013.

See: 78 FR 20788 (links externally to CFTC website).See also: CFTC Approves Final Regulations Governing Dual and Multiple Associations of Associated Persons of SDs and MSPs (with Lofchie Comment).