An NFA interpretive notice on swap dealer reporting requirements, and the imposition of a late filing fee of $1,000 per business day for certain reports, will go into effect on October 6, 2021.
As previously covered, the interpretive notice would clarify swap dealer reporting requirements with respect to initial margin model performance. The late fee would apply to "each financial report or other filing" required under NFA Financial Requirements Section 17 ("Swap Dealer and Major Swap Participant Reporting Requirements") (as well as reports under Sections 1, 5, 6, 11 and 18).
Primary Sources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.