FIA flags burdensome requirements in CFTC compliance officer reports

Detailed information on compliance resources provides little value, FIA says

27 June 2022

FIA submitted a comment letter to the US Commodity Futures Trading Commission questioning the need for certain types of information that must be included in the annual reports filed by the chief compliance officers of firms registered with the CFTC.

FIA pointed in particular to the requirement to provide detailed information on the resources dedicated to regulatory compliance, saying this information provides "minimal" value to the CFTC. FIA also noted that the CFTC’s burden estimates for CCO annual reports were substantially lower than registrants’ actual undertaking. and puts much more of a burden on the firms than estimated by the CFTC. FIA previously commented on the resource requirement for CCO annual reports in a 2017 comment letter filed jointly with the Securities Industry and Financial Markets Association.

Read the full comment letter here.

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