Is an associated person of a swap dealer is not 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.

Is a swap dealer an ECP?

Commission Regulations §§ 1.3(m)(1)-(4) provide that the ECP definition now includes swap dealers, security-based swap dealers, major swap participants and major security-based swap participants, as those terms are defined in the Page 6 Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080 CEA …

What is a registered swap dealer?

A swap dealer is defined as any person who: (1) holds itself out as a swap dealer; (2) makes a market in swaps; (3) regularly enters into swaps as an ordinary course of business for its own account; or (4) engages in activity that causes it to be commonly known in the trade as a dealer or market maker.

Who is not considered an associated person?

In futures trading, the term “associated person” refers to particular people within the employ of a broker or dealer that perform the role of sales or supervision of sales. Clerical and administrative employees are not included.

Does NFA has regulatory authority over security-based swap dealers?

Who Does the NFA Regulate? The NFA regulates all qualified brokers, futures merchants, commodity pool operators, swap dealers, exchanges, commodity trading advisors, and retail foreign exchange dealers that deal in the futures markets.

Does NFA 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 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 regulates swap dealers?

the Securities and Exchange Commission
Under this framework, the Securities and Exchange Commission regulates security-based swaps, the Commodity Futures Trading Commission regulates swaps, and the two agencies jointly regulate mixed swaps.