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Swaps Information

In July 2010, President Obama signed into law the Dodd-Frank Act, relegating authority of the OTC derivatives (swaps) markets to the Commodity Futures Trading Commission (CFTC). The CFTC has delegated to NFA the responsibility for processing applications for registrations as swap dealers (SD) and major swap participants (MSP) and conducting the background checks on those applicants and their principals. In addition, NFA is responsible for reviewing the documentation SDs and MSPs are required to submit to demonstrate compliance with CFTC regulations Implementing Sections 4s(e), 4s(f), 4s(g), 4s(h) and 4s(i) of the CEA (Section 4s Implementing Regulations).

For more detailed information regarding SD and MSP regulatory requirements, click here.

Additionally, the Dodd-Frank Act amended the definitions of "commodity interest" to include "swaps." Therefore, firms that are acting as an FCM, IB or CTA with respect to swaps subject to the jurisdiction of the CFTC must register with the CFTC through NFA's Online Registration System. Firms acting as CPOs are required to register based upon their swaps activities unless the firm properly claims an exclusion from registration or the CFTC issues interpretive guidance providing that certain collective investment vehicles are not considered commodity pools. In addition, any person associated with a firm newly registering or currently registered as an FCM, IB, CPO or CTA that engages in activities involving swaps subject to the jurisdiction of the CFTC must register as an Associated Person (AP).

For more detailed information regarding the regulatory requirements for swap intermediaries, click here.

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