Dec 11, 2018 | News

CFTC Compliance Wrap Up 2018

Giving Chief Compliance Officers a Break:

In August, the CFTC unanimously approved final amendments simplifying its regulations of chief compliance offer (CCO) duties and annual compliance reporting requirements for FCMs, swap dealers, and major swap participants.  The amendments clarify a m CCO’s duties by providing “reasonable” standards and guidance on compliance, as well as modify the CCO annual report content and submission requirements to reduce report preparation burdens while also making the reports more effective.

Swapping Out Regs:

Also, in August, the CFTC unanimously approved a swap clearing requirements proposed rule that would reduce burdens on bank holding companies, savings, and loan holding companies, and community development financial institutions.

The proposal exempts from the clearing requirement swaps entered into by bank holding companies and savings and loan holding companies with consolidated assets of $10 billion or less, and community development financial institutions that meet certain conditions.

Bye-Bye Privacy Reg:

In late November, the CFTC proposed rule to revise Reg 160.5 that requires certain FCMs, retail foreign exchange dealers, CTAs, CPOs, IBs, Major Swap participants, and swap dealers to provide annual privacy notices to customers.  Under the proposed rule these annual privacy notices would no longer be required under certain conditions.

Proposed Rules from KISS:  

CTAs and CPOs, as well as family offices, might get a New Year’s present from the CFTC, as it has put out for comment several new rules that curtail some redundant regulations.  For the rules click here.

Here is CFTC Chairman Christopher Giancarlo’s speech at the Evolving Structure of the U.S. Treasury Markets.  His speech was The complex and Dynamic Liquidity Hierarchy of the U.S. Treasury Market. Click here to read speech.

If you have questions or are in need of a compliance check up, please reach out to Mike Coglianese at 630-461-5841 or email