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January 23, 2015
Chief compliance officer report filing requirements for Swap Dealers and Major Swap Participants
NFA Compliance Rule 2-49 requires swap dealers (SD) and major swap participants (MSP) to submit identified reports or other documentation, including the Chief Compliance Officer (CCO) Annual Report required under CFTC Regulation 3.3, to NFA and the CFTC in the form and manner prescribed by NFA.
The purpose of this Notice is to inform SDs and MSPs that beginning with the CCO Annual Reports for the fiscal year ended Oct. 31, 2014, SDs and MSPs are required to submit the CCO Annual Report to NFA and the CFTC through the WinJammer™ system. Although CFTC Regulation 3.3 requires that the CCO Annual Report be filed within 60 days of the firm's fiscal year end, under CFTC No Action Letter 14-154 (Dec. 22, 2014), any firm with a fiscal year ending on or before Jan. 31, 2015 has 90 days from the firm's fiscal year end to file this year's report. Any firm unable to meet the 90-day deadline is permitted to file the report no later than 120 days after its fiscal year end, provided that by the 90-day deadline, the firm informs the CFTC of any material non-compliance events that occurred during the fiscal year that is the subject of the report. Firms unable to meet the 90-day report deadline also must notify NFA of these material non-compliance events. All reports due for fiscal years ending after Jan. 31, 2015 must be filed within the 60-day period required under CFTC Regulation 3.3.
In order to file the annual report through WinJammer™, SDs and MSPs must create a "Regulation Notice - Swaps" in the filing index of WinJammer™ as of the ending date of the report, and then select the "Chief Compliance Officer Annual Report - Swaps" filing type. After selecting the appropriate notice, SDs and MSPs must upload a PDF of the report. SDs and MSPs will satisfy their CFTC filing requirement by submitting the CCO Annual Report through WinJammer™ and should not file the report through the CFTC's portal (see CFTC Press Release 7110-15).
If you have questions related to filing the report through WinJammer™, please contact Jamie Syrek, Systems Manager, OTC Derivatives at firstname.lastname@example.org or 312-781-1577. Questions related to CCO Annual Reports should be directed to Cliffe Allen, Director, OTC Derivatives at email@example.com or 212-346-5634.