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Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Rules and Regulations
ii The financial statements of a swap execution facility that is not domiciled in the United States, and is not otherwise required to prepare financial statements in accordance with generally accepted accounting principles in the United States, may satisfy the requirement in paragraph a2i of this section if such financial statements are prepared in accordance with either International Financial Reporting Standards issued by the International Accounting Standards Board, or a comparable international standard as the Commission may otherwise accept in its discretion.
b The calculations required by paragraph a of this section shall be made as of the last business day of the swap execution facilitys applicable fiscal quarter.
c With each report required under paragraph a of this section, the swap execution facility shall also provide the Commission with sufficient documentation explaining the methodology used to compute its financial requirements under 37.1301
and 37.1303. Such documentation shall:
1 Allow the Commission to reliably determine, without additional requests for information, that the swap execution facility has made reasonable calculations pursuant to 37.1304; and 2 Include, at a minimum:
i A total list of all expenses, without any exclusion;
ii All expenses and the corresponding amounts, if any, that the swap execution facility excluded or prorated when determining its operating costs, calculated on a rolling basis, required under 37.1301 and 37.1303, and the basis for any determination to exclude or prorate any such expenses;
iii Documentation demonstrating the existence of any committed line of credit or similar facility relied upon for the purpose of meeting the requirements of 37.1303 e.g., copies of agreements establishing or amending a credit facility or similar facility; and iv All costs that a swap execution facility would incur to wind down the swap execution facilitys operations, the projected amount of time for any such wind-down period, and the basis of its determination for the estimation of its costs and timing.
d The reports and supporting documentation required by this section shall be filed not later than 40 calendar days after the end of the swap execution facilitys first three fiscal quarters, and not later than 90 calendar days after the end of the swap execution facilitys fourth fiscal quarter, or at such later time as the Commission may permit, in
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its discretion, upon request by the swap execution facility.
e A swap execution facility shall provide notice to the Commission no later than 48 hours after it knows or reasonably should know that it no longer meets its obligations under 37.1301 or 37.1303.
37.1307

Delegation of authority.

a The Commission hereby delegates, until it orders otherwise, to the Director of the Division of Market Oversight or such other employee or employees as the Director may designate from time to time, authority to:
1 Determine whether a particular financial resource under 37.1302 may be used to satisfy the requirements of 37.1301;
2 Review and make changes to the methodology used to compute projected operating costs and wind-down costs under 37.1304 and the valuation of financial resources under 37.1305;
3 Request reports, in addition to those required in 37.1306, or additional documentation or information under 37.1306a, c, and e; and 4 Grant an extension of time to file fiscal quarter reports under 37.1306d.
b The Director may submit to the Commission for its consideration any matter that has been delegated in this section. Nothing in this section prohibits the Commission, at its election, from exercising the authority delegated in this section.
4. Revise 37.1501 to read as follows:
37.1501

Chief compliance officer.

a Definitions. For purposes of this part, the term Board of directors means the board of directors of a swap execution facility, or for those swap execution facilities whose organizational structure does not include a board of directors, a body performing a function similar to a board of directors.
Senior officer means the chief executive officer or other equivalent officer of the swap execution facility.
b Chief compliance officer1
Authority of chief compliance officer. i The position of chief compliance officer shall carry with it the authority and resources to develop, in consultation with the board of directors or senior officer, the policies and procedures of the swap execution facility and enforce such policies and procedures to fulfill the duties set forth for chief compliance officers in the Act and Commission regulations.
ii The chief compliance officer shall have supervisory authority over all staff acting at the direction of the chief compliance officer.

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2 Qualifications of chief compliance officer. i The individual designated to serve as chief compliance officer shall have the background and skills appropriate for fulfilling the responsibilities of the position.
ii No individual disqualified from registration pursuant to sections 8a2 or 8a3 of the Act may serve as a chief compliance officer.
3 Appointment and removal of chief compliance officer. i Only the board of directors or the senior officer may appoint or remove the chief compliance officer.
ii The swap execution facility shall notify the Commission within two business days of the appointment or removal, whether interim or permanent, of a chief compliance officer.
4 Compensation of the chief compliance officer. The board of directors or the senior officer shall approve the compensation of the chief compliance officer.
5 Annual meeting with the chief compliance officer. The chief compliance officer shall meet with the board of directors or senior officer of the swap execution facility at least annually.
6 Information requested of the chief compliance officer. The chief compliance officer shall provide any information regarding the self-regulatory program of the swap execution facility as requested by the board of directors or the senior officer.
c Duties of chief compliance officer.
The duties of the chief compliance officer shall include, but are not limited to, the following:
1 Overseeing and reviewing compliance of the swap execution facility with section 5h of the Act and any related rules adopted by the Commission;
2 Taking reasonable steps, in consultation with the board of directors or the senior officer of the swap execution facility, to resolve any material conflicts of interest that may arise, including, but not limited to:
i Conflicts between business considerations and compliance requirements;
ii Conflicts between business considerations and the requirement that the swap execution facility provide fair, open, and impartial access as set forth in 37.202; and;
iii Conflicts between a swap execution facilitys management and members of the board of directors;
3 Establishing and administering written policies and procedures reasonably designed to prevent violations of the Act and the rules of the Commission;

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