On July 25, 2016, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued a staff advisory regarding chief compliance officer reporting line requirements for swap dealers, major swap participants and futures commission merchants under CFTC Regulation 3.3. The advisory clarifies the regulation’s required elements and addresses additional supervisory relationships that a chief compliance officer may have with senior management in addition to those with the board or the senior officer of the registrant.

The CFTC staff advisory is available at: http://www.cftc.gov/idc/groups/public/@lrlettergeneral/documents/letter/16-62.pdf