CFTC Delegates Authority to NFA for Notices Concerning Swap Valuation Disputes

The CFTC issued an order delegating responsibility to the NFA for notices of swap valuation disputes that are filed by swap dealers and major swap participants pursuant to CFTC Rule 23.502(c).

Beginning on March 1, 2016, the NFA will be required:

(1) To receive, in the form and manner prescribed by the NFA, and to conduct reviews of, the notices of swap valuation disputes that are specified in Regulation 23.502(c); and

(2) To maintain, and serve as the official custodian of, those Commission records.

The order requires the NFA to perform these functions in accordance with the standards, regulations and orders under the CEA and to provide the CFTC with summaries and periodic reports regarding those records and their contents that either the CFTC or the Director of DSIO may determine are necessary for the effective oversight of the program.