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.
The final amendments codify the existing no-action relief in CFTC Staff Letter No. 15-15 that specifies the time period in which a registrant must furnish its CCO annual report to the CFTC. They also align with comparable requirements of the SEC.
The final amendments will become effective on the date of their publication in the Federal Register.
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