CFTC Clarifies Procedure for Dodd-Frank SD/MSP CCO and Risk Reports | Practical Law

CFTC Clarifies Procedure for Dodd-Frank SD/MSP CCO and Risk Reports | Practical Law

The CFTC announced how swap dealers (SDs) and major swap participants (MSPs) must submit the Risk Exposure Reports and Chief Compliance Officer (CCO) Annual Reports required under the Dodd-Frank Act.

CFTC Clarifies Procedure for Dodd-Frank SD/MSP CCO and Risk Reports

Practical Law Legal Update 7-525-5002 (Approx. 3 pages)

CFTC Clarifies Procedure for Dodd-Frank SD/MSP CCO and Risk Reports

by PLC Finance
Published on 28 Mar 2013 • USA (National/Federal)
The CFTC announced how swap dealers (SDs) and major swap participants (MSPs) must submit the Risk Exposure Reports and Chief Compliance Officer (CCO) Annual Reports required under the Dodd-Frank Act.
On March 22, 2013, the CFTC announced how swap dealers (SDs) and major swap participants (MSPs) must submit Risk Exposure Reports and Chief Compliance Officer Annual Reports. The regulations state:
  • Each SD and MSP must electronically submit a copy of the SD's or MSP's Chief Compliance Officer's Annual Report within 90 days of the end of the SD's or MSP's fiscal year (CFTC Regulation 3.3(f)).
  • Each SD and MSP must submit copies of its Risk Exposure Reports to the CFTC within five business days of providing those reports to its senior management (CFTC Regulation 23.600(c)(2)(ii)).
SDs and MSPs must submit these reports through the CFTC website.
For more information on Dodd-Frank SD/MSP internal risk management and Title VII CCO appointment and reports, see Legal Update, Final Governance and Risk-management Rules for Swap Dealers and Major Swap Participants Adopted by CFTC.