4s Process and Due Dates

The CFTC's swap dealer (SD) registration rules require, among other things, that in order to become registered, SDs must demonstrate compliance with multiple substantive regulatory requirements (Section 4s Implementing Regulations). The CFTC’s registration rules provide that SD registration will be provisional until persons demonstrate compliance with all of the Section 4s Implementing Regulations as required.

Provisional Registration/Section 4s Implementing Regulation Submission Process

If an SD applies for registration after the compliance date of one or more Section 4s Implementing Regulations, then the SD will be provisionally registered upon filing:

  • Form 7-R;
  • Forms 8-R and fingerprint cards for each of its principals; and
  • Documentation attesting to compliance with the applicable Section 4s Implementing Regulation(s).

On or before the compliance date for each Section 4s Implementing Regulation(s) (see chart below), NFA will issue a request to prospective SD registrants or provisionally registered SDs through NFA's EasyFile Registration Documentation Submission System (RDSS) that the SD submit a written attestation, which states that the SD has adopted written policies and procedures or other appropriate documentation reasonably designed to ensure that the SD is in compliance with the applicable Section 4s Implementing Regulation(s). Once the signed attestation is filed, NFA will issue an Acknowledgement Letter through RDSS informing the SD that NFA received the firm's attestation and has no further inquiry regarding the 4s topic area at that time.

Please note: for the Risk Management 4s topic area, new SD applicants will be required to submit both an attestation and its risk management policies and procedures as required by CFTC Regulation 23.600(b)(4).

For SDs with active 4s filings that have received NFA Feedback Letters and have not received an Acknowledgment Letter, the SD should follow the instructions in the Feedback Letter. See Notice to Members I-17-14 for further details.

4s Submission Due Dates

Section 4s Final Implementing Rule Descriptions

Rule References

Effective Date of Regulation

RDSS Call #

U.S. and Non-U.S. SDs and MSPs – 4s Compliance Submission Date

Chief Compliance Officer

CEA Section 4s(k), CFTC Regulations 3.1 & 3.3

6/4/2012

4SK11

Due by Provisional Registration Date

Risk Management

CEA Section 4s(j), CFTC Regulation 23.600

6/4/2012

4SJ11

Due by Provisional Registration Date

Business Continuity and Disaster Recovery

CEA Section 4s(j), CFTC Regulation 23.603

6/4/2012

4SJ21

Due by Provisional Registration Date

Conflicts of Interest

CEA Section 4s(j), CFTC Regulation 23.605

6/4/2012

4SJ31

Due by Provisional Registration Date

Disclosure of Information to CFTC and Antitrust

CEA Section 4s(j), CFTC Regulations 23.606 & 23.607

6/4/2012

4SJ41

Due by Provisional Registration Date

Diligent Supervision

CEA Section 4s(j) CFTC Regulation 23.602

6/4/2012

4SJ51

Due by Provisional Registration Date

Recordkeeping and Reporting

CEA Section 4s(f) and (g), CFTC Regulations 23.201 to 23.205

6/4/2012

4SR11, 2

Due by Provisional Registration Date

Business Conduct Standards

CEA Section 4s(h), CFTC Regulations 23.400 to 23.451

4/17/2012

4SH13, 8

Due by Provisional Registration Date

Swap Processing and Clearing

CEA Section 4s(i), CFTC 23.506; and CEA Section 4s(j), CFTC Regulations 23.608 to 23.610

10/1/2012

4SI11, 4, 7

Due by Provisional Registration Date

Swap Documentation

CEA Section 4s(i), CFTC Regulations 23.500 to 23.505

11/13/2012

4SI31, 5, 7

Due by Provisional Registration Date

Segregation of Collateral for Uncleared Swaps

CEA Section 4s(l), CFTC Regulations 23.700 to 23.704

1/6/2014

4SL16

Due by Provisional Registration Date

Initial Margin Requirements for Uncleared Swaps

CEA Section 4s(e), CFTC Regulations 23.150 to 23.152; 23.154; and 23.156 to 23.161

4/1/2016

4SE39

9/1/2016 or later10

Variation Margin Requirements for Uncleared Swaps

CEA Section 4s(e), CFTC Regulations 23.150 to 23.151; 23.153; 23.155 to 23.156; and 23.158 to 23.161

4/1/2016

4SE49

Due by Provisional Registration Date

Capital Requirements

CEA Section 4s(e)

TBD

TBD

TBD

Position Limits

CEA Section 4s(h)

TBD

TBD

TBD

See footnotes

1 Substituted compliance may be available for non-U.S. SDs and MSPs. The CFTC issued limited comparability determinations for specific 4s implementing regulations. For more information see summary of Entity-Level Comparability Determinations published by the CFTC and complete comparability determinations published in the Federal Register.

2 The RDSS Call # 4SR1 for Recordkeeping and Reporting incorporates the following RDSS Call #s that have been deactivated as of March 9, 2015: 4SR2, 4SR3, 4SR4, 4SR5, 4SR6, 4SR7, 4SR8, 4SR9, 4SR0, 4SRA, 4SRB, 4SRC, and 4SRD. The RDSS Call # 4SR1 shall be utilized to address all applicable 4s requirements in CFTC Regulations 23.201 to 23.205.

3 The RDSS Call # 4SH1 for Business Conduct Standards incorporates the following RDSS Call #s that have been deactivated as of March 9, 2015: 4SH2, 4SH3, and 4SH4. The RDSS Call # 4SH1 shall be utilized to address all applicable 4s requirements in CFTC Regulations 23.400 to 23.451.

4 The RDSS Call # 4SI1 for Swap Processing and Clearing incorporates the following RDSS Call #s that have been deactivated as of March 9, 2015: 4SI2 and 4SIC. The RDSS Call # 4SI1 shall be utilized to address all applicable 4s requirements in CFTC Regulations 23.506, and 23.608 to 23.610.

5 The RDSS Call # 4SI3 for Swap Documentation incorporates the following RDSS Call #s that have been deactivated as of March 9, 2015: 4SI4, 4SI5, 4SI6, 4SI7, 4SI8, 4SI9, 4SI0, 4SIA, and 4SIB. The RDSS Call # 4SR1 shall be utilized to address all applicable 4s requirements in CFTC Regulations 23.500 to 23.505.

6 The RDSS Call # 4SL1 for Segregation of Collateral for Uncleared Swaps incorporates the following RDSS Call #s that have been deactivated as of March 9, 2015: 4SL2. The RDSS Call # 4SL1 shall be utilized to address all applicable 4s requirements in CFTC Regulations 23.700 to 23.704.

7 Category A Transaction-Level Requirements apply to non-U.S. SDs and MSPs (including an affiliate of a U.S. person) with respect to swaps with U.S. persons. These requirements do not apply to non-U.S. SDs and MSPs with respect to swaps with non-U.S. persons not guaranteed by, and not an Affiliate Conduit of a U.S. person.

8 Category B Transaction-Level Requirements do not apply to non-U.S. SDs and MSPs (including an affiliate of a U.S. person) with respect to swaps with: foreign branches of U.S. Bank that is a SD or MSP; non-U.S. person guaranteed by, or an Affiliate Conduit of a U.S. person; or non-U.S. person not guaranteed by, or not an Affiliate Conduit of a U.S. person.

9 CFTC initial and variation margin requirements apply to each SD and MSP that is not subject to oversight by a prudential regulator (CFTC Covered Swap Entity), as defined in the Dodd-Frank Act, including non-bank subsidiaries of bank holding companies and non-US firms subject to foreign prudential regulation.

10 The compliance date is determined by CFTC Regulation 23.161. The earliest compliance date was September 1, 2016. Each CFTC Covered Swap Entity that surpasses the threshold identified in the CFTC's final rules on the margin requirements for uncleared swaps of swap dealers and major swap participants (CFTC's Margin Rules) will be required to submit policies and procedures no later than the applicable compliance date.