FIA and SIFMA file joint response on Chief Compliance Officer rules

7 July 2017

FIA and SIFMA submitted a joint response to a proposal issued by the CFTC in May that would amend its chief compliance officer rules. '

The CFTC's proposed amendments would: 1) define “senior officer” in Regulation 3.1; 2) clarify the duties of a Chief Compliance Officer (CCO) of a futures commission merchant, swap dealer, or major swap participant; and 3) modify the CCO annual report’s content and submission requirements.

The FIA/SIFMA letter supports the CFTC’s efforts to simplify certain requirements but also recommends a number of further improvements. In particular, the two associations said they would like to see certain provisions of the rule brought into alignment with comparable SEC rules to ease the burden for firms of having to comply with two different regulatory regimes.

The full letter is available in Resources on the right. 

  • FIA