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The chief compliance officer (CCO) of an as-yet unnamed swap dealer has been granted relief from certain reporting line requirements under CFTC regulations, officials say.
The CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) provided conditional no-action relief to a provisionally registered swap dealer, according to a commission statement, permitting the firm, subject to conditions laid out in the letter, to:
- Maintain a limited reporting line for the CCO to the “governing body,” established pursuant to CFTC regulation 23.600.
- Undertake required CCO consultations with the governing body instead of the board of directors or senior officer (with summary reports provided to the board or senior officer);
- Have the CCO meet with the governing body at least annually and at the election of the CCO, rather than with the board of directors or senior officer, so long as the CCO meets with the board or senior officer at the CCO’s election.
“The relief was provided based on the facts and circumstances specific to the swap dealer receiving the relief,” according to a CFTC statement. The agreement includes other conditions that must be met, such as the CCO regularly delivering “certain reports to the board or senior officer.”
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- CCO,
- CFTC,
- no-action relief,
- swap dealer
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