The Commission issued final rules to implement internal business conduct standards under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Commission finalized these rules in two releases.
Information regarding Internal Business Conduct Standards is provided below, including factsheets for each proposed rule, and details of meetings held between CFTC staff and outside parties.
Related Federal Register Releases
Final Rule: 85 FR 78718 // PDF Version
12/07/2020
17 CFR Part 3
Exemption From Registration for Certain Foreign Intermediaries
Effective Date: Friday, February 5, 2021
See also:
81 FR 51824, 8/5/2016 // PDF Version
17 CFR Part 3
Exemption From Registration for Certain Foreign Persons
83 FR 52902, 10/18/2018 // PDF Version
17 CFR Part 4
Registration and Compliance Requirements for Commodity Pool Operators and Commodity Trading Advisors
85 FR 35820, 6/12/2020 // PDF Version
17 CFR Part 3
Exemption From Registration for Certain Foreign Persons Acting as Commodity Pool Operators of Offshore Commodity Pools
Proposed Rule: 82 FR 21330 // PDF Version
5/8/2017
17 CFR Part 3
Chief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendments
Comment File - Closing Date: 7/7/2017
Final Rule: 77 FR 55904 // PDF Version
9/11/2012
17 CFR Part 23
Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
Effective Date: Tuesday, November 13, 2012
Final Rule: 77 FR 20128 // PDF Version
4/3/2012
17 CFR Parts 1,3, and 23
Swap Dealer and Major Swap Participant Recordkeeping, Reporting, and Duties Rules; Futures Commission Merchant and Introducing Broker Conflicts of Interest Rules; and Chief Compliance Officer Rules for Swap Dealers, Major Swap Participants, and Futures Commission Merchants
Effective Date: June 4, 2012
Proposed Rule: 76 FR 58176 // PDF Version
9/20/2011
17 CFR Part 23
Swap Transaction Compliance and Implementation Schedule: Trading Documentation and Margining Requirements under Section 4s of the CEA
Comment File - Closing Date: 11/4/2011
Proposed Rule: 76 FR 6715 // PDF Version
2/8/2011
17 CFR Part 23
Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
Comment File - Closing Date: 4/11/2011
Proposed Rule: 76 FR 6708 // PDF Version
2/8/2011
17 CFR Part 23
Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants
Comment File - Extended Date: 6/3/2011
Proposed Rule: 75 FR 81519 // PDF Version
12/28/2010
17 CFR Part 23
Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants
Comment File - Extended Date: 6/3/2011
Proposed Rule: 75 FR 76666 // PDF Version
12/9/2010
17 CFR Part 23
Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants
Comment File - Extended Date: 6/3/2011
Proposed Rule: 75 FR 71397 // PDF Version
11/23/2010
17 CFR Part 23
Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants
Comment File - Extended Date: 6/3/2011
Proposed Rule: 75 FR 71391 // PDF Version
11/23/2010
17 CFR Part 23
Implementation of Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants
Comment File - Extended Date: 6/3/2011
Proposed Rule: 75 FR 70881 // PDF Version
11/19/2010
17 CFR Part 3
Designation of a Chief Compliance Officer; Required Compliance Policies; and Annual Report of a Futures Commission Merchant, Swap Dealer, or Major Swap Participant
Comment File - Extended Date: 6/3/2011
Proposed Rule: 75 FR 70152 // PDF Version
11/17/2010
17 CFR Part 1
Implementation of Conflicts of Interest Policies and Procedures by Futures Commission Merchants and Introducing Brokers
Comment File - Extended Date: 6/3/2011
Additional Information
Fact Sheet: Final Rule on SD and MSP Recordkeeping and Reporting, Duties, and Conflicts of Interest Policies and Procedures; FCM and Introducing Broker Conflicts of Interest Policies and Procedures; SD, MSP, and FCM Chief Compliance Officer
Q&A: Final Rule on SD and MSP Recordkeeping and Reporting, Duties, and Conflicts of Interest Policies and Procedures; FCM and Introducing Broker Conflicts of Interest Policies and Procedures; SD, MSP, and FCM Chief Compliance Officer
Event: CFTC Open Meeting on One Final Rule and One Proposed Rule
Fact Sheet: Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants
Q&A: Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
Event: Open Meeting on Tenth Series of Proposed Rules under the Dodd-Frank Act
Fact Sheet: Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
Q&A: Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
Event: Open Meeting on Ninth Series of Proposed Rules under the Dodd-Frank Act
Fact Sheet: Proposed Rule on Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants
Q&A: Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants
Event: Open Meeting on Eighth Series of Proposed Rules under the Dodd-Frank Act
Fact Sheet: Proposed Rule on Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants
Q&A: Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants
Event: Open Meeting on Sixth Series of Proposed Rules under the Dodd-Frank Act
Fact Sheet: Proposed Rule on Designation of Chief Compliance Officer and Preparation of Annual Compliance Report
Q&A: Designation of Chief Compliance Officer and Preparation of Annual Compliance Report
Fact Sheet: Proposed Rule on Conflicts of Interest for Swap Dealers, Major Swap Participants, Futures Commission Merchants, and Introducing Brokers
Q&A: Conflicts of Interest for Swap Dealers, Major Swap Participants, Futures Commission Merchants, and Introducing Brokers
Fact Sheet: Proposed Rule on Duties for Swap Dealers and Major Swap Participants
Q&A: Duties for Swap Dealers and Major Swap Participants
Event: Open Meeting on Fourth Series of Proposed Rules under the Dodd-Frank Act
Date
MEETING WITH
REGARDING RULEMAKING
Bank of America
IV. Business Conduct Standards – Internal
ISDA
Mayer Brown
Morgan Stanley
IV. Business Conduct Standards – Internal
US Bank
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
General
BlackRock
IV. Business Conduct Standards – Internal
ISDA
Morgan Stanley
Goldman Sachs
Citi
J.P. Morgan
Deutsche Bank
IV. Business Conduct Standards – Internal
Fidelity
PIMCO
BlackRock
MFS
Goldman Sachs Asset Management
JP Morgan Asset Management
Wellington
SIFMA Asset Management Group
SIFMA Asset Management Group
SIFMA
IV. Business Conduct Standards – Internal
Morgan Stanley
IV. Business Conduct Standards – Internal
Goldman Sachs
II. Definitions
IV. Business Conduct Standards – Internal
Hess
Nextera Energy
Sutherland
CMC
IV. Business Conduct Standards – Internal
General
Goldman Sachs
IV. Business Conduct Standards – Internal
Cargil
IV. Business Conduct Standards – Internal
SIFMA
FIA
Wilmer Hale
Goldman Sachs & Co.
Bank of America Merrill Lynch
IV. Business Conduct Standards – Internal
ISDA
IV. Business Conduct Standards – Internal
Goldman Sachs, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities, Futures Industry Association (FIA), Securities Industry and Financial Markets Association (SIFMA), Pershing, Morgan Stanley & Co., Wilmer Hale, NewEdge, Macquarie Group
IV. Business Conduct Standards – Internal
General
Goldman Sachs
Credit Suisse Securities (USA) LLC
J. P. Morgan Securities
Futures Industry Association
Securities Industry and Financial Markets Association
Pershing
Morgan Stanley & Co.
Wilmer Hale
NewEdge
Macquarie Group
J.P. Morgan Chase
IV. Business Conduct Standards – Internal
NFA
IV. Business Conduct Standards – Internal
Barclays
IV. Business Conduct Standards – Internal
Compliant Phones
IV. Business Conduct Standards – Internal
XXXI. Conforming Amendments
Markit
MarkitSERV
Latham & Wakins (as counsel)
II. Definitions
IV. Business Conduct Standards – Internal
XIII. SEF Registration
XVII. Data Recordkeeping
XVIII. Real Time Reporting
Shell Energy N.A.
Shell Oil
IV. Business Conduct Standards – Internal
V. Capital & Margin
XXVI. Position Limits
JP Morgan Chase & Co.
I. Registration
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
V. Capital & Margin
Morgan Stanley
I. Registration
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
V. Capital & Margin
Senator Carl Levin
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
BlackRock
IV. Business Conduct Standards – Internal
VII. DCO Core Principles
Citadel Investment Group
Delta Strategy Group
IV. Business Conduct Standards – Internal
VII. DCO Core Principles
Skadden Arps
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
Mizuho Securities USA, Inc. (MSUSA)
Sherman & Sterling LLP (Sherman & Sterling)
Sapient Global Markets (Sapient)
I. Registration
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
V. Capital & Margin
Javelin
IV. Business Conduct Standards – Internal
VII. DCO Core Principles
VIII. Process for Review of Swaps
XIII. SEF Registration
GM, CIEBA, NISA Investment Advisors, U.S. Steel Pension Fund and American Benefits Council
IV. Business Conduct Standards – Internal
IV. Business Conduct Standards – Internal
Citadel
King Street
Blue Mountain
D.E. Shaw
IV. Business Conduct Standards – Internal
V. Capital & Margin
VI. Segregation and Bankruptcy
VII. DCO Core Principles
VIII. Process for Review of Swaps
XIII. SEF Registration
BlackRock
Wellington
Goldman Sachs Asset Management
IV. Business Conduct Standards - Internal
VI. Segregation and Bankruptcy
VII. DCO Core Principles
VIII. Process for Review of Swaps
XIII. SEF Registration
BlackRock
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
IX. Governance & Possible Limits
Rabobank
Davis Polk
I. Registration
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
V. Capital & Margin
XVII. Data Recordkeeping
XVIII. Real Time Reporting
General
Morgan Stanley
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
Working Group of Commercial Energy Firms
I. Registration
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
V. Capital & Margin
XVII. Data Recordkeeping
XVIII. Real Time Reporting
General
Markit
MarkitSERV
IV. Business Conduct Standards – Internal
Credit Suisse, Deutsche Bank, Citi, JP Morgan, Barclays, Morgan Stanley, Goldman Sachs, UBS
I. Registration
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
XVII. Data Recordkeeping
XVIII. Real Time Reporting
US Chamber of Commerce
Delta Strategy Group
IV. Business Conduct Standards – Internal
General
American Benefits Council (ABC), The Committee on Investment of Employee Benefit Assets (CIEBA), United States Steel and Carnegie Pension Fund, NISA Investment Advisors
IV. Business Conduct Standards – Internal
Blackrock
IV. Business Conduct Standards – Internal
VII. DCO Core Principles
Morgan Stanley
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
XIII. SEF Registration
XVIII. Real Time Reporting
Morgan Stanley
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
XIII. SEF Registration
XVIII. Real Time Reporting
Institute of International Bankers
Royal Bank of Canada
Barclays Capital
BNP Paribas
Credit Suisse
Deutsche Bank
HSBC
Rabobank
Societe Generale
The Royal Bank of Scotland
UBS
Clearly Gottlieb
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
V. Capital & Margin
XVII. Data Recordkeeping
XVIII. Real Time Reporting
Winston & Strawn LLP, United Technologies, U.S. Steel & Carnegie Pension Fund, NISA Investment Advisors, Skadden, Arps, American Benefits Council, and the Committee on Investment of Employee Benefit Assets (CIEBA)
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards – Internal
XIII. SEF Registration
XVIII. Real Time Reporting
International Swaps and Derivatives Association, Inc. (ISDA), UBS AG and J.P.Morgan
IV. Business Conduct Standards – Internal
Barclays Capital
IV. Business Conduct Standards – Internal
Barclays Bank plc
BNP Paribas S.A.
Deutsche Bank AG
Societe Generale
The Royal Bank of Scotland Group plc
UBS AG
The Royal Bank of Canada
Davis, Polk, and Wardwell, LLP
I. Registration
II. Definitions
IV. Business Conduct Standards – Internal
Managed Funds Association
I. Registration
II. Definitions
IV. Business Conduct Standards – Internal
V. Capital & Margin
Societe Generale
I. Registration
II. Definitions
IV. Business Conduct Standards - Internal
The World Bank
II. Definitions
IV. Business Conduct Standards - Internal
Morgan Stanley
I. Registration
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards - Internal
V. Capital & Margin
Jefferies and Company, Inc.
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards - Internal
VII. DCO Core Principles
IX. Governance & Possible Limits
XII. DCM Core Principles
XVIII. Real Time Reporting
Represenatives of various energy companies, financial firms, consultants, and other interested persons. The session was open to the press.
All
Coalition for Derivatives End Users
II. Definitions
III. Business Conduct Standards w/ Counterparties
IV. Business Conduct Standards - Internal
V. Capital & Margin
VII. DCO Core Principles
XVII. Data Recordkeeping
XVIII. Real Time Reporting
Hunton & Williams LLP
FPL Group
NextEra Energy
Vitol, Inc.
Constellation Energy
BP North America
DTE Energy Trading, Inc.
Luminant Power
MidAmerican Energy
ConocoPhillips
Direct Energy
Direct Energy Upstream
Hess Corporation
II. Definitions
IV. Business Conduct Standards - Internal
V. Capital & Margin
XXI. Joint Rules w/ SEC
National Futures Association (NFA)
All
11/02/2010
Summary 
OTC Derivatives Regulators' Forum
09/14/2010
NCFC Hedging Dairy_7
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
