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ARTICLE · 10 JULY 2018

CFTC Proposes Simplified Financial Surveillance Examination Program Requirements For SROs

Hogan Lovells Cadwalader
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Comments on the proposal will be due 60 days following the date of its publication in the Federal Register.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFTC proposed simplifying requirements for self-regulatory organizations ("SROs") conducting financial surveillance on futures commission merchants ("FCMs").

The proposal would amend CFTC Rule 1.52 ("Self-Regulatory Organization Adoption and Surveillance of Minimum Financial Requirements"). The proposal is a response to public feedback indicating that current regulations are burdensome and costly. CFTC Rule 1.52 requires, among other things, that SROs conduct routine examinations of member FCMs for compliance with both SRO and CFTC capital and other financial and related reporting requirements. The rule also requires each SRO to engage an independent third party to evaluate the SRO's supervisory program at least once every three years.

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