Release Number 6463-12
December 14, 2012
CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action Relief for Certain Swap Dealers Concerning Annual Reports of Chief Compliance Officers
Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter that provides certain swap dealers with limited relief surrounding the requirement that chief compliance officers of such swap dealers prepare and submit an Annual Report, pursuant to Commission Regulation 3.3.
The relief provided in the no-action letter is applicable to all swap dealers that: (1) are required to register by December 31, 2012; (2) are currently regulated by a U.S. prudential regulator or are registrants of the Securities and Exchange Commission; and (3) have a fiscal year-end of December 31, 2012 (Covered Firms).
The no-action letter states that the Division will not recommend that the CFTC take an enforcement action against a Covered Firm, or a chief compliance officer of a Covered Firm, for failing to prepare an Annual Report and furnish such Report to the CFTC for the fiscal year that ends on December 31, 2012. The no-action relief is limited only to the Annual Report required to be furnished by a Covered Firm to the CFTC for the fiscal year that ends on December 31, 2012.
Last Updated: December 14, 2012