chief compliance officer

CFTC Proposes to Amend Rules Governing Chief Compliance Officer Duties and Annual Reports for Certain Registrants

 

On May 3, 2017, the U.S. Commodity Futures Trading Commission (CFTC) announced that it will publish in the Federal Register proposed amendments to Part 3 of its regulations. The proposed amendments would (1) define “senior officer” in Regulation 3.1; (2) clarify the duties of a Chief Compliance Officer (“CCO“) of a futures commission merchant, swap dealer, or major swap participant; and (3) modify the CCO annual report’s content and submission requirements. The comment period ends 60 days after the proposal’s publication in the Federal Register. Press Release. Proposal.

SEC Proposed Clearing Agency Standards for Operations and Governance

On March 3, the SEC proposed rules, as required under the Dodd-Frank Act, regarding the operation and governance of clearing agencies. Under the proposed rules, clearing agencies would be required to: (i) maintain standards with respect to risk management and operations; (ii) have adequate safeguards and procedures to protect the confidentiality of trading information; (iii) have procedures to identify and address conflicts of interest; (iv) require minimum governance standards for their boards of directors; (v) designate a chief compliance officer; and (vi) disseminate pricing and valuation information if they are a central counterparty for security-based swaps. The SEC also reopened the public comment period for rules proposed in October to mitigate conflicts of interest for security-based swap clearing agencies and execution facilities and national securities exchanges that post or make available for trading security-based swaps. Comments on the proposed rules must be submitted by April 29. SEC Release. SEC Proposed Rule. SEC Proposed October Rules.