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July 01, 2014
Chief Compliance Officer Departure: Obligations of Swap Dealers and Major Swap Participants
CFTC Regulation 3.3 requires each swap dealer (SD) and major swap participant (MSP) to designate an individual to serve as its chief compliance officer (CCO). Following the departure (due to resignation or replacement) of a CCO, an SD or MSP must comply with the below requirements for designating a new CCO.
An SD or MSP is required to submit a Form 8-R (including fingerprint cards and the Principal Application Fee) identifying the new CCO as a principal of the SD or MSP. The SD or MSP should also update the compliance contact in NFA's Online Registration System (ORS).
If the former CCO is no longer acting in the capacity of a principal in accordance with CFTC Regulation 3.1(a), the SD or MSP is required to submit a Form 8-T terminating the former CCO as a principal of the SD or MSP within 30 days of the CCO's departure.
As a provisionally registered SD or MSP, the firm is required to maintain appropriate documentation designating a new individual to serve as the CCO. A provisionally registered SD or MSP should also contact a representative of the OTC Derivatives Department to inform NFA of a change in the firm's CCO or an upcoming change in the firm's CCO. If you have any questions, please contact NFA's Information Center email@example.com at 800-621-3570 or 312-781-1410.