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The proposed rulemaking by the Commodity Futures Trading Commission aims to establish conflicts of interest systems and procedures for swap dealers, major swap participants, futures commission merchants, and introducing brokers as required by the Dodd-Frank Act. The proposed regulations would apply to these registrants and require informational partitions between business trading units and clearing units even if they reside within the same entity. Comments on the proposed rules must be submitted within 60 days of their publication in the Federal Register.

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124 views

Coi Qa

The proposed rulemaking by the Commodity Futures Trading Commission aims to establish conflicts of interest systems and procedures for swap dealers, major swap participants, futures commission merchants, and introducing brokers as required by the Dodd-Frank Act. The proposed regulations would apply to these registrants and require informational partitions between business trading units and clearing units even if they reside within the same entity. Comments on the proposed rules must be submitted within 60 days of their publication in the Federal Register.

Uploaded by

MarketsWiki
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Commodity Futures Trading Commission

Office of Public Affairs


Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
www.cftc.gov

Proposed Rulemaking Q & A – Conflicts of Interest for Swap Dealers, Major


Swap Participants, Futures Commission Merchants, and Introducing Brokers
What is the goal of the proposed rulemaking?

Sections 731 and 732 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)
amend the Commodity Exchange Act (CEA) by directing swap dealers, major swap participants, futures
commission merchants, and introducing brokers to implement certain conflicts of interest systems and procedures
that establish safeguards within the firm. The goal of the proposed rulemaking is to promulgate the requirements
for such conflicts of interest systems and procedures.

What registrants are covered by the proposed regulations?

The proposed regulations will apply to swap dealers, major swap participants, futures commission merchants, and
introducing brokers.

By when must comments on the rules be submitted?

Comments on the rules must be submitted within sixty (60) days of the publication of the proposal in the Federal
Register.

Do the proposed rules require informational partitions surrounding any person who engages in
“research or analysis of the price or market,” regardless of whether such research or analysis is
to be made part of a research report that may be publicly disseminated?

No. The Commission believes that sections 731 and 732 with respect to “research or analysis of the price or
market” primarily are intended to prevent persons involved in pricing, trading or clearing activities from exercising
undue influence on the substance of research reports that may be publicly disseminated.

If an entity is dually registered as a swap dealer or major swap participant, and as a futures
commission merchant, will the requirements for establishing informational partitions between
business trading units and clearing units still apply, even though the units reside within the same
entity?

Yes. The proposed regulations are intended to apply not only to situations in which a swap dealer or major swap
participant is affiliated with a futures commission merchant, but also to a situation in which an entity is dually
registered both as a swap dealer or major swap participant and as a futures commission merchant. Such dual
registrants will be required to establish informational partitions between business trading units and clearing units
located within the same entity.

Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

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