Staff of the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued an advisory that indicated that chief compliance officers of futures commission merchants, swaps dealers and major swap participants may have other reporting line requirements other than to the senior officer or board of directors, provided that the senior officer or board of directors appoints the CCO; approves the CCO’s compensation; meets with the CCO at least annually and at the CCO’s request; and makes any removal decisions regarding the CCO. This would expressly permit a local CCO to have a reporting line into a global CCO in a parent company in a global organization, said the DSIO staff advisory.