CFTC – Rule – Capital Requirements of Swap Dealers and Major Swap Participants

September 15, 2020 – The CFTC is adopting new regulations imposing minimum capital requirements and financial reporting requirements on swap dealers (“SDs”) and major swap participants (“MSPs”) that are not subject to a prudential regulator.

The CFTC is also amending existing capital requirements for futures commission merchants (“FCMs”) to provide specific capital deductions for market risk and credit risk for swaps and security-based swaps entered into by an FCM.

The CFTC is further adopting amendments to its regulations to permit certain entities dually-registered with the Securities and Exchange Commission (“SEC”) to file an SEC Financial and Operational Combined Uniform Single Report in lieu of CFTC financial reports, to require certain Commission registrants to file notices of certain defined events, and to require notices of bulk transfers to be filed with the Commission electronically and within a defined period of time.

Effective date: November 16, 2020
Compliance date: October 6, 2021

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