---
kind: "section"
citation: "17 C.F.R. § 37.1500"
title: "17"
number: "37.1500"
heading: "Core Principle 15—Designation of chief compliance officer."
url: "https://uscodex.org/cfr/17/37.1500"
---

# §37.1500. Core Principle 15—Designation of chief compliance officer.

- (a) **In general.** Each swap execution facility shall designate an individual to serve as a chief compliance officer.
- (b) **Duties.** The chief compliance officer shall:
  - (1) Report directly to the board or to the senior officer of the facility;
  - (2) Review compliance with the core principles in this subsection;
  - (3) In consultation with the board of the facility, a body performing a function similar to that of a board, or the senior officer of the facility, resolve any conflicts of interest that may arise;
  - (4) Be responsible for establishing and administering the policies and procedures required to be established pursuant to this section;
  - (5) Ensure compliance with the Act and the rules and regulations issued under the Act, including rules prescribed by the Commission pursuant to section 5h of the Act; and
  - (6) Establish procedures for the remediation of noncompliance issues found during compliance office reviews, look backs, internal or external audit findings, self-reported errors, or through validated complaints.
- (c) **Requirements for procedures.** In establishing procedures under [paragraph (b)(6)](#b-6) of this section, the chief compliance officer shall design the procedures to establish the handling, management response, remediation, retesting, and closing of noncompliance issues.
- (d) **Annual reports—**
  - (1) **In general.** In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of:
    - (i) The compliance of the swap execution facility with the Act; and
    - (ii) The policies and procedures, including the code of ethics and conflict of interest policies, of the swap execution facility.
  - (2) **Requirements.** The chief compliance officer shall:
    - (i) Submit each report described in [paragraph (d)(1)](#d-1) of this section with the appropriate financial report of the swap execution facility that is required to be submitted to the Commission pursuant to section 5h of the Act; and
    - (ii) **Include in the report a certification that, under penalty of law, the report is accurate and complete.**

## Notes

### Authority

Authority: 7 U.S.C. 1a, 2, 5, 6, 6c, 7, 7a-2, 7b-3, and 12a, as amended by Titles VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124 Stat. 1376.

### Source

Source: 78 FR 33582, June 4, 2013, unless otherwise noted.