The Commodity Futures Trading Commission (CFTC) has announced the procedures to be used by swap
dealers and major swap participants for submitting Risk Exposure Reports and Chief Compliance Officer
The Commission’s Regulations provide as follows:
• Commission Regulation 3.3(f) requires that each SD and MSP furnish electronically to the Commission
a copy of the Annual Report of the SD’s or MSP’s Chief Compliance Officer not more than 90 days after
the end of the fiscal year of the SD or MSP.
• Commission Regulation 23.600(c)(2)(ii) requires that each SD and MSP furnish copies of its Risk
Exposure Reports to the Commission within five (5) business days of providing such reports to its senior
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Established companies in North America will no doubt be looking at this closely in the near future,
as their own effort to adapt to the ever increasing regulatory demands is instrumental to their
development and sustainability in this fiercely competitive market.
FXCM and GAIN Capital are two of the most recent companies to register with the
NFA as swap dealers, and will most likely be subject to the new CFTC rules in terms of risk exposure and
the reports which will be required to be submitted by their compliance officers.
In February this year, a panel of government lawmakers engaged in a hearing at the Senate Committee chaired by SEC Chairman Elisse B Walker
in order to relate a detailed testimony on how to implement laws set out in the Dodd Frank Act. During
the hearing, OTC Derivatives were high on the agenda and the senate committee heard the regulator’s
proposed implementation of including security-based swaps as a category for mandatory regulation.
The reports have been published on the CFTC website and all participants are expected to become fully
versed in the new rulings, as well as to submit their reports to the CFTC online.