Federal Register:Required Compliance Policies
|FINAL RULE: This page refers to the proposed rulemaking on required compliance policies and the designation of a Chief Compliance Officer. For a summary of the final rule click here.|
|Final Rule Issue||Effective Date||Compliance Date, Non-Covered Firms||Compliance Date, Covered Firms|
|April 3, 2012||June 4, 2012||September 30, 2012||March 31, 2013|
On November 10, 2010, the Commodity Futures Trading Commission (CFTC) held its fourth in the series of open meetings to consider the issuance of proposed rulemakings under the Dodd-Frank Act. One of the agenda items was a proposed rule regarding futures commission merchants (FCMs), swap dealers and major swap participants. The proposal would require these entities to name a Chief Compliance Officer ("CCO"); the qualifications and duties of the CCO are explained in the proposal.
The CCO should have an "appropriate background," must register with the commission, and will be responsible for:
- establishment of compliance policies;
- resolution of conflicts of interest;
- ensuring compliance of the registrant with the compliance policies, rules, and regulations;
- identifying noncompliance issues; and
- establishment of procedures for the remediation of such noncompliance issues.
- preparation and submission of an annual report on compliance policies and their effectiveness.
The CCO shall report to the board of directors and senior officers of the entity.
Related Documents: Fact Sheet, Q&A, and Rule Proposal as it Appeared in the Federal Register
- Open Meeting on Fourth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 7, 2011.