Swap Dealers and Major Swap Participants Registration
The Commodity Futures Trading Commission (Commission) adopted regulations under the Commodity Exchange Act (CEA) that establish the process for the registration of swap dealers (SDs) and major swap participants (MSPs) and that require SDs and MSPs to become and remain members of a registered futures association. The Commission also adopted regulations that define an "associated person" of an SD or MSP as a natural person and that implement the prohibition on an SD or MSP permitting an associated person who is statutorily disqualified from registration from effecting or being involved in effecting swaps on behalf of the SD or MSP.
10/12/2012 CFTC regulation § 3.10(a)(v)(C) and CFTC regulation § 23.21 require a person to apply to be registered as a swap dealer when, on or after October 12, 2012, the person comes within the definition of swap dealer. If a person is within the definition of swap dealer on October 12, 2012, it must apply to be registered on that date. If a person comes within the definition of swap dealer after October 12, 2012, it must apply to be registered on the date that it comes within the definition.
A person that takes advantage of the de minimis exception in CFTC regulation § 1.3(ggg)(4) would not be a swap dealer on October 12, 2012 and would not be required to apply to be registered on October 12, 2012. Rather, the person must apply to be registered no later than two months after the end of the month in which it comes within the definition of a swap dealer.