CCO Annual Report Requirements for FCMs, SDs and Major Swap Participants; Amendments to Filing Date
Summary
SIFMA, FIA, and ISDA are pleased to submit this letter on behalf of their futures commission merchant and provisionally registered swap dealer and major swap participants member firms, in connection with the proposal of the Commodity Futures Trading Commission to codify current no-action relief4 by amending the requirements of Rule 3.3 (f)(2) of the regulations promulgated under the Commodity Exchange Act (the “CEA”).
Excerpt
Mr. Christopher Kirkpatrick
Secretary to the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street NW
Washington, DC 20581
Re: Chief Compliance Officer Annual Report Requirements for Futures Commission Merchants, Swap Dealers and Major Swap Participants; Amendments to Filing Date (RIN 3038 – AE49)
Dear Mr. Kirkpatrick
The Futures Industry Association (the “FIA”)1, International Swaps and Derivatives Association (“ISDA”)2 and Securities Industry and Financial Markets Association (“SIFMA”)3 (the “Associations”), are pleased to submit this letter on behalf of their futures commission merchant (“FCM”) and provisionally registered swap dealer (“SD”) and major swap participants (“MSP”) member firms (collectively “Registrants”), in connection with the proposal of the Commodity Futures Trading Commission (the “Commission” or the “CFTC”) to codify current no-action relief4 by amending the requirements of Rule 3.3 (f)(2) of the regulations promulgated under the Commodity Exchange Act (the “CEA”).
The Associations greatly appreciate the efforts of the Commission to improve the process for filing the Chief Compliance Officer Annual Report (“CCO Annual Report”). As discussed in greater detail below, we do, however, have certain recommendations to improve the proposal. Specifically, our comments reflect concerns regarding: (i) linking the filing date of the CCO Annual Report to the submission of the Registrants’ annual financial reports (including, but not limited to, Form 1-FR-FCM or FOCUS Report) for US Registrants or Registrants for which there is no comparability determination; and (ii) establishing a 15 day deadline to file the comparable Annual Report (“Comparable Annual Report”) with the Commission following the completion date of this report for Registrants that are subject to a substituted compliance determination (“Substituted Compliance Registrants”).