CFTC Issues Proposal Regarding Conflicts of Interest and Governance Requirements for DCOs, DCMs and SEFs

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The Commodity Futures Trading Commission has issued a notice of proposed rulemaking to further implement the Conflict of Interest Core Principles for derivatives clearing organizations (DCOs), designated contract markets (DCMs) and swap execution facilities (SEFs) by addressing, among other things, reporting requirements, obligations of transparency in decision-making and limitations on the use or disclosure of non-public information.

Reporting: Under the proposed rule, an SEF or DCM would be required to report to the CFTC when its board rejects a recommendation from, or supersedes an action of, the regulatory oversight committee or the membership or participation committee. A DCO would be required to report to the CFTC when its board rejects a recommendation from, or supersedes an action of, the risk management committee, or when the risk management committee rejects a recommendation, or supersedes an action of, its subcommittee. Further, the regulatory oversight committee of each SEF or DCM would be required to prepare an annual report assessing the regulatory program of such entity.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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