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April 23, 2013
Business Conduct Standards and Documentation Requirements for Swap Dealers and Major Swap Participants
In its December 18, 2012 Interim Final Rule, the CFTC deferred until May 1, 2013 the compliance date for the business conduct standards and documentation requirements set forth in Commission Regulations 23.201(b)(3)(ii), 23.402, 23.410(c), 23.430, 23.431(a)-(c), 23.432, 23.434(a)(2), (b) and (c), 23.440, 23.450 and 23.505. Accordingly, provisionally registered swap dealers ("SDs") and major swap participants ("MSPs") are required to submit policies and procedures relating to those requirements no later than Wednesday, May 1, 2013. Non-U.S. SDs and MSPs are not required to submit policies and procedures relating to Commission Regulation 23.201(b)(3)(ii) at this time. The submissions should be made to NFA's Registration Documentation Submission System ("RDSS") through the 4SI8, 4SH3 filing and 4SRA code. For more information about these requirements, the RDSS system and the filing codes, visit the compliance page for SDs and MSPs on NFA's website.
NFA has recommended that policies and procedures be submitted prior to the required submission date to allow time for NFA staff to confirm receipt of responsive materials and to accommodate potential follow-up with SDs and MSPs in the event of an incomplete submission. At a minimum, policies and procedures must be submitted to the RDSS system no later than 6:00 p.m. EST on the submission date in order for staff to confirm receipt of required documents ahead of overnight processing.
Questions concerning the requirements should be directed to NFA's Information Center (firstname.lastname@example.org) at 800-621-3570 or 312-781-1410.