The CFTC requested comments on proposed amendments that apply to futures commission merchants ("FCMs"), swap dealers ("SDs") and major swap participants ("MSPs"). The proposed amendments would: (i) increase the amount of time registrants have to file their chief compliance officer ("CCO") annual reports; and (ii) clarify the timing of the filing requirements applicable to SDs and MSPs located in jurisdictions for which the CFTC has granted a comparability determination with respect to the contents of the reports ("Comparable Annual Reports").
Among other provisions, the proposed amendments would:
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permit an FCM to furnish its CCO Annual Report to the CFTC up to 30 days after submission of Form 1-FR-FCM13 or Financial Operational Combined Uniform Single Report ("FOCUS Report");
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permit an SD or MSP to furnish a CCO Annual Report up to 90 days after its fiscal year-end until such time as the CFTC adopts and implements rules establishing the time for filing the annual financial condition report required under CEA Section 4s(f); this represents an increase of 30 days from the current requirement of 60 days after the end of a fiscal year;
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permit an SD or MSP to furnish its Comparable Annual Reports up to 15 days after the date on which the report must be completed under the requirements of the applicable substituted compliance regime; and
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delegate to the Director of the Division of Swap Dealer and Intermediary Oversight the authority to grant extensions to the CCO annual report filing deadline.
The proposals would codify the existing no-action relief (CFTC Staff Letter No. 15-15) regarding the timing of when a registrant must furnish its CCO annual report to the CFTC; they also align with comparable requirements of the SEC.
Comments on the proposed amendments must be submitted 30 days after their publication in the Federal Register and will be posted on the CFTC's website.
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