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Swap Documentation FAQs

SDs must submit this documentation to NFA for review via its web-based Registration Documentation Submission System (RDSS), which is part of NFA's EasyFile system.

A consolidated compliance manual may be submitted if it contains policies and procedures that demonstrate the firm's ability to comply with the Section 4s Implementing Regulations. It may be necessary to include a roadmap detailing where the firm addresses each 4s requirement within the submitted policies and procedures.

No. NFA does not provide samples of 4s submissions.

NFA may request additional information or supporting materials from an SD. Supplemental information may be provided to NFA by appending those documents to the documentation originally submitted with respect to a particular Section 4s Implementing Regulation.

The CFTC has created 4s submission dates for each Section 4s Final Implementing Rulemaking area. The 4s Submission Due Dates chart contains further information.

If a non-US SD intends to rely on substituted compliance, the firm should submit an attestation indicating the firm's intention. If substituted compliance is not permitted, or a firm does not intend to rely on substituted compliance, then the non-US SD must submit policies and procedures that demonstrate the firm's ability to comply with each Section 4s Implementing Regulation for which the firm is not relying on substituted compliance. See the CFTC's press release regarding the Comparability Determinations for more information.

Applicants may request confidential treatment in accordance with CFTC Regulation 145.9, which contains detailed requirements for submitting a request for confidential treatment of information filed with the CFTC. Additionally, each page or section of a 4s document must be clearly marked as confidential. An applicant must submit the original request for confidential treatment to the CFTC and must provide a copy of the request to the NFA along with each 4s submission. The copies of the request can be sent electronically through RDSS and should be attached to each 4s submission or they can be emailed to NFA's Registration Department, Attn: Sandra Jung at sjung@nfa.futures.org. If an applicant submits a request electronically through RDSS, the applicant need not file a hard copy of the request with NFA.

While physically-settled FX forwards and FX swaps are exempt from the definition of the term "swap" under the CEA (see the Secretary of Treasury Final Determination FX Swaps and Forwards), FX forwards and FX swaps are regulated as swaps for reporting obligations and external business conduct standards contained in Section 4s(h) of the CEA. Therefore, an SD must submit documentation in order to demonstrate the firm's ability to comply with applicable reporting and external business conduct standards regulations in relation to its FX forward and FX swap business.

When a firm becomes "Pending" and subsequently "Provisionally Registered", NFA's BASIC system, which is available to the public, will reflect the firm's status.

4s Implementing Regulations regarding capital have not yet been finalized. Once the rules have been finalized, NFA will determine what, if any, financial information will be required to be submitted. However, at this current time, an applicant is not required to submit any financial information.