Swap Dealer and Major Swap Participant Recordkeeping, Reporting, and Duties Rules; Futures Commission Merchant and Introducing Broker Conflicts of Interest Rules; and... (CFTC Final Rule)

See: 77 FR 20128

The CFTC is adopting regulations to implement certain provisions of Title VII of the Dodd-Frank Act. These regulations set forth reporting and recordkeeping requirements and daily trading records requirements for swap dealers (SDs) and major swap participants (MSPs). These regulations also set forth certain duties imposed upon SDs and MSPs registered with the CFTC with regard to: risk management procedures; monitoring of trading to prevent violations of applicable position limits; diligent supervision; business continuity and disaster recovery; disclosure and the ability of regulators to obtain general information; and antitrust considerations. In addition, these regulations establish conflicts-of-interest requirements for SDs, MSPs, futures commission merchants (FCMs), and introducing brokers (IBs) with regard to firewalls between research and trading and between clearing and trading. Finally, these regulations also require each FCM, SD, and MSP to designate a chief compliance officer (CCO), prescribe qualifications and duties of the CCO, and require that the CCO prepare, certify, and furnish to the CFTC an annual report containing an assessment of the registrant's compliance activities.

Effective Date: June 4, 2012

Cross References: 75 FR 70152 (Part 1, proposing release); 75 FR 70881 (Part 3, proposing release); 75 FR 71379 (Parts 3, 23, and 170, proposing release); 75 FR 71391 75 FR 76666 (Part 23, proposing releases); 76 FR 25274 (extension of comment periods); CFTC Rule 1.71; CFTC Rule 3.1; CFTC Rule 3.3; CFTC Part 23, Subpart F Subpart J; Proposed CFTC Rules page.

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