CFTC approves regulations governing dual and multiple associations of APs of SDs and MSPs
The Commodity Futures Trading Commission (CFTC) has approved final regulations governing dual and multiple associations of associated persons (APs) of swap dealers (SDs), major swap participants (MSPs) and other Commission registrants.
The regulations make clear that each SD, MSP and other CFTC registrant with whom an AP is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other Commission registrant.
The CFTC voted five to nil via seriatim to approve the final regulations, which will become effective 60 days after publication in the Federal Register.
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