CFTC Approves Amendments To CCO Annual Reporting Requirements

The CFTC approved final amendments that address when annual Chief Compliance Officer ("CCO") reports must be filed by futures commission merchants ("FCMs"), swap dealers ("SDs") and major swap participants ("MSPs").

In response to comments received on the initial proposal, the CFTC (i) modified CFTC Rule 3.3(f)(2) to afford all Registrants up to 90 days after their fiscal year-end in which to furnish the CCO Annual Report to the CFTC, as required under CFTC Rule 1.10(b)(2)(ii), and (ii) clarified the application of CFTC Rule 3.3(f)(2) to allow a foreign SD or MSP, if located in a jurisdiction where the CFTC has issued a comparability determination, up to 15 days after the date on which a Comparable Annual Report must be completed under the requirements of their home jurisdiction.