Notices to Members

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Notice I-13-42

December 19, 2013

Effective Date of NFA Compliance Rule 2-49: Swap Dealers and Major Swap Participants Regulations

The Commodity Futures Trading Commission (CFTC) recently approved NFA Compliance Rule 2-49: Swap Dealers and Major Swap Participants Regulations, which as described more fully below, permits NFA to meet its oversight responsibilities and enforce the requirements of the CFTC's 4s Implementing Regulations with respect to Swap Dealers (SDs) or Major Swap Participants (MSPs). This new rule is effective immediately.

NFA Compliance Rule 2-49 specifically provides that any violation by an SD or MSP Member of CFTC Regulation 3.3 (Chief Compliance Officer Requirements) or any of the Part 23 Regulations, as applicable to that Member, would be deemed a violation of an NFA requirement. In determining whether a Member violated NFA Compliance Rule 2-49, NFA will consider Commission staff issued no-action relief and other CFTC conditions impacting the particular CFTC requirement.

Additionally, NFA Compliance Rule 2-49 requires SD and MSP Members, when requested by NFA, to submit to NFA any reports (i.e., CCO annual report, quarterly risk exposure report), documents or notices, including those required under CFTC Regulation 3.3 or Part 23 of the CFTC's regulations, and any other supplemental information.

More information on these requirements can be found in NFA's September 3, 2013 Submission Letter to the CFTC.

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