Provisionally registered Swap Dealers
Registration
Commodity Exchange Act requires all swap dealers (SDs) to register as such, unless they already are registered as an SD 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 Dealer 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, Swap Valuation Dispute Reports, and Periodic Risk Exposure Reports to the Commission
Commission Regulation 3.3(e) requires that each SD and MSP furnish electronically to the Commission a copy of the Annual Report of the SD’s or MSP’s Chief Compliance Officer not more than 90 days after the end of the fiscal year of the SD or MSP.
Commission Regulation 23.502(c) requires that each SD and MSP promptly notify the Commission of any swap valuation dispute in excess of $20,000,000 (or its equivalent in any other currency), if not resolved within the time frames set forth in the Regulation.
Commission Regulation 23.600(c)(2)(ii) requires that each SD and MSP furnish copies of its Risk Exposure Reports to the Commission within five (5) business days of providing such reports to its senior management.