Swap Dealers and Major Swap Participants Regulation - Comment Letter - National Futures Association - January 24, 2011
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|Final Rule Issue||Effective Date||Compliance Date - Swap Dealers||Compliance Date - Major Swap Participants|
|January 19, 2012||March 19, 2012||January 1, 2013||October 12, 2012|
Registration of Swap Dealers and Major Swap Participants
January 24, 2011
From the comment letter:
"In general, NFA believes that, to the extent consistent with statutory requirements, the registration of Swap Entities should be incorporated into the current registration framework in a manner that parallels the requirements imposed on the current registration categories. In NFA's view, the Commission's proposed rules largely accomplish this but contain certain provisions that require clarification and amplification. This letter addresses these provisions and responds to the Commission's requests for comment concerning NFA's role in the registration process and the manner in which Swap Entities might fulfill their due diligence requirements concerning their Associated Persons." Specifically, "NFA recommends that the Commission delegate to NFA not only the authority to process Swap Entity registration applications and conduct background checks but also to conduct adverse registration proceedings."