CFTC Expects More Substituted Compliance Queries About Swap Dealer Registration

Frank Fisanich, chief counsel of the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight, said his agency expects to receive more substituted compliance applications from countries “in the next year or so” as more entities seek swap dealer registration.

Speaking March 3 at the Institute of International Bankers annual conference in Washington, Fisanich said specifically, “we would assume to start seeing an interest” from countries such as Brazil, Mexico and Singapore.

The CFTC has made substitute compliance determinations for entity-level swaps requirements for the European Union, Japan, Australia, Switzerland, Hong Kong and Canada 246 Securities Law Daily, 12/23/13, 246 DER EE-11, 12/23/13, 46 SRLR 35, 1/6/14