The CFTC Division of Market Oversight ("DMO") issued time-limited relief to swap execution facilities ("SEFs"), extending the due date for the filing of annual compliance reports ("ACRs"). The relief permits SEFs to concurrently file the annual compliance report and fourth quarter financial reports not later than 90 days after the SEFs' fiscal year end.
DMO explained that it granted the relief in order to respond to concerns raised over time and resource constraints for completing multiple year-end reports. DMO stated that the relief was necessary to provide SEFs with enough time to conduct "in-depth, substantial discussion on the state of the compliance program and financial status" with senior management (as required by the CFTC). Furthermore, DMO cited the fact that chief compliance officers at derivatives clearing organizations, swap dealers, major swap participants, and futures commission merchants are presently permitted the 90-day filing window for ACRs.
This relief expires on November 30, 2020.
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