December 30, 2013

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action Relief for Certain Futures Commission Merchants, Swap Dealers, and Major Swap Participants Concerning Annual Reports of Chief Compliance Officers

Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC or Commission) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued two no-action letters that provide certain futures commission merchants, swap dealers, and major swap participants with limited relief surrounding the requirement that chief compliance officers of such firms prepare and submit an Annual Report, pursuant to Commission Regulation 3.3.

In one of the no-action letters, DSIO provided relief for swap dealers that: (1) are not required, prior to December 31, 2013, to register with the CFTC as swap dealers; and (2) have a fiscal year-end of December 31, 2013. In that no-action letter, DSIO stated that it will not recommend that the CFTC take an enforcement action against any such firm, or a chief compliance officer of any such firm, for failing to prepare an Annual Report and furnish such Report to the CFTC for the fiscal year that ends on December 31, 2013.

In a separate letter, DSIO provided relief to all futures commission merchants, swap dealers, and major swap participants concerning the deadline for furnishing a copy of the Annual Report to the CFTC. The no-action relief provided in that letter is limited to the Annual Report required to be furnished by such firms during calendar year 2014.

Last Updated: December 30, 2013