Chief Compliance Officer. The CFTC’s business conduct rules require SDs (and MSPs) to appoint a CCO, and similar SEC business conduct rules likewise require SBSDs and MSBSPs to appoint a CCO. The SEC also requires registered investment advisers, registered funds, and registered BDs to designate a CCO. The CCO’s responsibilities differ depending upon the regulatory regime under which an entity operates, but they may include, among others, designing and maintaining a program to ensure compliance with applicable statutory and regulatory requirements; conducting periodic reviews of such compliance program; preparing periodic reports (which may be provided to a regulator, an SRO, or a board of directors); and assessing the extent of the entity’s compliance with such requirements. CFTC rules also require that CCOs be appointed for FCMs, DCOs, SEFs, and SDRs.

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