CFTC Approves Final Rule to Revise Swap Dealer Business Conduct and Swap Documentation Requirements

WASHINGTON - The Commodity Futures Trading Commission today announced it has approved a final rule that codifies existing staff no-action positions for certain of the CFTC's business conduct and documentation requirements applicable to swap dealers and major swap participants. The final rule amendments further harmonize the CFTC's rules with those of the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

"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," said Acting Chairman Caroline Pham. "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."

In addition, the CFTC's Market Participants Division today announced it has issued a related no-action letter in connection with certain UK trading facilities, superseding CFTC Staff Letter No. 23-01in light of the final rule.