CFTC Staff Guidance on Chief Compliance Officer Annual Reports: CFTC Staff Issues Advisory on Annual Reports by Chief Compliance Officers of Swap Dealers, Major Swap Participants and Futures Commission Merchants

Sullivan & Cromwell LLP - January 12, 2015

On December 22, 2014, the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”) released CTFC Staff Advisory 14-153 (the “Advisory”) to provide guidance to chief compliance officers (“CCOs”) of all provisionally registered swap dealers (“SDs”) and major swap participants (“MSPs”) and all registered futures commission merchants (“FCMs”) relating to annual reports required under Section 3.3(e) of the CFTC’s regulations (the “CFTC Regulations”) under the Commodity Exchange Act, as amended (the “CEA”).  On the same day, the Division also released a no-action letter (CFTC Letter No. 14-154) providing relief from compliance with the timing requirements of the annual reports by the CCOs.