The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight granted relief to a provisionally registered swap dealer from certain reporting requirements of its chief compliance officer. Ordinarily, a CCO must report directly to a swap dealer’s board of directors or senior officer, and consult with the board, a body performing a similar function as the board, or the senior officer in connection with certain matters. Staff authorized the CCO to report directly to the governing body provided (1) the board or senior officer remains responsible for appointing, approving the compensation of and potentially terminating the CCO; (2) the CCO provides the firm’s annual compliance report to the board, senior officer and governing body concurrently; (3) the governing body meet with the CCO at least annually and at the election of the CCO; (4) the board or senior officer meets with the CCO when requested; (5) the CCO provides the board or senior officer a summary of his or her consultations in the firm’s annual compliance report; and (6) the governing body observes required corporate formalities such as having regular meetings and maintaining minutes.