CFTC Amends Rules Governing Chief Compliance Officer Duties

The CFTC approved final amendments to clarify the duties of chief compliance officers of futures commission merchants ("FCMs"), swap dealers and major swap participants (together, "CCOs"). The final amendments also modify the content and submission requirements of a CCO annual report.

The amendments will, among other things:

• adopt a definition of "senior officer" as "the chief executive officer or other equivalent officer of a registrant";
• clarify that a CCO is required to "administer" the registrant's compliance program as to its business as an [FCM/SD/MSP], rather than more generally as to CEA/CFTC compliance;
• clarify that a CCO's responsibility is to resolve material conflicts of interest as to the [FCM/SD/MSP] business;