The Commodity Futures Trading Commission (CFTC) has approved a final rule that updates business conduct and documentation requirements for swap dealers and major swap participants. The new rule codifies existing staff no-action positions, aiming to align CFTC regulations with those of the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.
Acting Chairman Caroline Pham commented on the decision, stating, “Finally, the Commission is eliminating duplicative, unnecessary requirements and excessive costs that have negatively impacted American competitiveness for over 10 years with no measurable benefit. I’m pleased to clean up the lack of regulatory clarity and create clear, simple rules that will promote more efficient and well-functioning markets.”
Alongside this action, the CFTC’s Market Participants Division issued a related no-action letter regarding certain UK trading facilities. This new letter supersedes CFTC Staff Letter No. 23-01 due to changes made by the final rule.
