Swap Dealer (SD) Registration

A swap dealer (SD) is an entity that holds itself out as a dealer in swaps; makes a market in swaps; regularly enters into swaps with counterparties as an ordinary course of business for its own account; or engages in any activity causing the entity to be commonly known in the trade as a dealer or market maker in swaps. See CFTC Regulation 1.3 (ggg) for exceptions and limitations.

For example, entities are exempt from the SD registration on the basis of de minimis activity—the aggregate gross notional amount of the swaps that an entity enters into over the prior 12 months in connection with dealing activities. Currently, the de minimis threshold is $8 billion.

All registered and provisionally registered SDs must be NFA Members.

Registration Requirements for SDs

To provisionally register as a SD and become an NFA Member:

Registration Requirements for Principals and Associated Persons of SDs

A SD is required to list principals, as defined in CFTC Regulation 3.1(a). A SD is required to file the following for its principals:

An application fee for principals is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant.

Associated persons of an SD do not need to register with the CFTC and NFA's proficiency requirements do not apply. However, it is the SD's obligation to determine whether or not a statutory disqualification exists for any of its APs. Section 4s(b)(6) of the Commodity Exchange Act (CEA) and CFTC Regulation 23.22(b) prohibit SDs from permitting an AP who is subject to a statutory disqualification under Section 8a(2) or 8a(3) of the CEA to affect or be involved in affecting swaps on behalf of the SD, if the SD knows of the statutory disqualification.

If a statutory disqualification exists, the SD may elect to electronically file a Statutory Disqualification Form via EasyFile for a determination as to whether NFA would have granted the person registration as an AP despite the statutory disqualification. Click here for more information regarding the AP Statutory Disqualification Form Submission Process.

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