Federal Register:Required Compliance Policies

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Gavel.png 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.
Dodd-Frank Timeline, Required Compliance Policies
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.[1]

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

References

  1. Open Meeting on Fourth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 7, 2011.

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