Photo: Andrew Harrer/Bloomberg NewsThe Commodity Futures Trading Commission unanimously approved rules this week that simplify the regulations governing chief compliance officers of swap dealers, major swap participants and futures commission merchants. The CFTC is further synchronizing its regulations on chief compliance officers with that of the requirements adopted by the Securities and Exchange Commission for security-based swap dealers, the commission said. “Clarifying the role and responsibilities of the [chief compliance officer] should enable greater accountability and improve overall compliance, as well as reduce burdens on [chief compliance officers] and uncertainty for registrants,” CFTC Chairman J. Christopher Giancarlo said in a statement appended to the rule, which was posted Tuesday. Among other things, the amended rules clarify a chief compliance officer’s duties, the CFTC said. It requires the chief compliance officer to be actively engaged in administering a firm’s policies and procedures, which “goes beyond the customary and traditional advisory role” of a chief compliance officer, the rule says.

Source: Wall Street Journal August 22, 2018 21:45 UTC