Swap Dealer (SD)
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Provisionally registered Swap Dealers
Registration
Commodity Exchange Act requires all major swap participants (MSPs) to register as such, unless they already are registered as a swap dealer or otherwise do not meet the conditions set forth in Commission Regulation 1.3(hhh).
Oversight of Registrants by Self-Regulatory Organizations
All registered SDs are required to be members of the National Futures Association (NFA). The NFA is a self-regulatory organization that is required to enforce CFTC-approved requirements for their members.
Swap Dealers Requirements
SDs must satisfy minimum standards for:
- Business conduct standards, including disclosure requirements
- Recordkeeping and reporting requirements
- Swap documentation requirements
Furnishing of Chief Compliance Officer Annual Reports and Periodic Risk Exposure Reports to the Commission
Commission Regulation 3.3(f) requires that each SD furnish electronically to the Commission a copy of the Annual Report of the SD’s Chief Compliance Officer not more than 90 days after the end of the fiscal year of the SD, simultaneously with the financial condition report, as required under section 4s(f) of the Commodity Exchange Act, as applicable.
Commission Regulation 23.600(c)(2)(ii) requires that each SD furnish copies of its Risk Exposure Reports to the Commission within five (5) business days of providing such reports to its senior management.
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