Federal Register: CFTC Proposes Amending Rules Governing Chief Compliance Officer Duties and Annual Report Requirements
The CFTC proposed amendments to Rules 3.1 and 3.3 that would (i) define the term "senior officer," (ii) clarify the responsibilities of a chief compliance officer ("CCO") employed by a futures commission merchant, swap dealer or major swap participant, and (iii) modify the content and submission requirements of a CCO annual report. The request for comments was published in the Federal Register. Comments on the proposed amendments must be submitted by July 7, 2017.
As previously discussed, the proposed rules would ensure, among other things, that the CCO was actively engaged in administering a firm's compliance activities. A number of the amendments introduce a "reasonableness" standard, rather than a strict liability standard, on the activities of the CCO.
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The CFTC proposed rule amendments that would (i) define the term "senior officer," (ii) clarify the responsibilities of a chief compliance officer employed by a futures commission merchant, swap dealer, or major swap participant, and (iii) modify the content and submission requirements of a CCO annual report.
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The CFTC requested comment on proposed amendments that apply to reports to be filed by futures commission merchants, swap dealers and major swap participants. The comment request was published in the Federal Register.
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The CFTC Division of Swap Dealer and Intermediary Oversight clarified the necessary elements of reporting line requirements for chief compliance officers. It also outlined supervisory relationships that chief compliance officers may maintain with senior management other than the board or the senior officer.