Who carries out the CFTC registration function for swap dealers?
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Who carries out the CFTC registration function for swap dealers?
The CFTC has delegated registration responsibility to NFA. All futures professionals required to register with the CFTC are granted registration only after a thorough investigation of their background to determine if they meet the fitness standards set forth in the CEA.
Is an associated person of a swap dealer required to register with the CFTC?
Associated persons (AP) of an SD do not need to register with the CFTC. However, individuals who seek to act as AP of an SD are required to complete NFA’s Swaps Proficiency Requirements prior to acting in the capacity of an AP at an SD.
Does the CFTC regulate swap dealers?
CFTC Rulemakings As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFTC will write rules to regulate the swaps marketplace.
Who is required to register with the CFTC?
As set forth in CFTC Regulation 30.4, any domestic or foreign person engaged in activities like those of a futures commission merchant (FCM), introducing broker (IB), commodity pool operator (CPO), or commodity trading advisor (CTA) must register in the appropriate capacity or seek an exemption from registration under …
Who is required to register as a swap dealer?
Every swap dealer and MSP must register as such with the appropriate regulator under rules required to be promulgated within one year of enactment of the Act. Dual registration is required for swap dealers or major swap participants engaging in both swap and security-based swap transactions.
Who is a CFTC registered intermediary?
Registration of Intermediaries An “intermediary” is a person or firm who acts on behalf of another person in connection with futures trading.
Who must register as a swap dealer?
Who are registered swap dealers?
A swap dealer (SD) is an entity that holds itself out as a dealer in swaps; makes a market in swaps; regularly enters into swaps with counterparties as an ordinary course of business for its own account; or engages in any activity causing the entity to be commonly known in the trade as a dealer or market maker in swaps …
What is a CFTC registrant?
The Commodity Exchange Act requires certain firms and individuals to be registered with the CFTC. Registration and examination of intermediaries is conducted on behalf of the CFTC by the National Futures Association (NFA) under the supervision of the CFTC.
What is a CFTC swap dealer?
Definition of “Swap Dealer” i. holds itself out as a dealer in swaps, ii. makes a market in swaps, iii. regularly enters into swaps with counterparties as an ordinary course of business for its own account, or iv. engages in activity causing itself to be commonly known in the trade as a dealer or market maker in swaps.
Is a swap dealer a broker dealer?
A swap dealer is an individual or entity that serves as a swaps broker, makes markets in swaps, or enters into swaps contracts with counterparties.
Who must register as an associated person?
An associated person (AP) is an individual who solicits orders, customers or customer funds (or who supervises persons so engaged) on behalf of a futures commission merchant (FCM), retail foreign exchange dealer (RFED), introducing broker (IB), commodity trading advisor (CTA) or commodity pool operator (CPO).
Who is dealer intermediary?
The category called “dealer/intermediary,” for instance, represents sell- side participants. Typically, these are dealers and intermediaries that earn commissions on selling financial products, capturing bid/offer spreads and otherwise accommodating clients.
