Page 32 - 期货和衍生品行业监管动态（2025年12月）

期货和衍生品行业监管动态

以及主要互换参与者的部分商业行为与存档要求。最终规则修订案进一步协调统

一了 CFTC 的规则与美国证券交易委员会（SEC）和美国市政证券规则制定委员

会（MSRB）的监管规则。

CFTC 代理主席 Caroline Pham 表示：“CFTC 终于消除了过去十余年损害美

国市场竞争力且无任何可量化收益的重复、不必要的规定以及多余的合规成本。

我很高兴能解决监管不明确的问题并制定清晰简明的规则，从而促进市场更高效、

更有效地运行。”

此外，CFTC 市场参与者部宣布，已就某些英国交易场所发布了相关不行动

函。鉴于上述最终规则的出台，该函将取代 CFTC 第 23-01 号工作人员函。

CFTC Approves Final Rule to Revise Swap Dealer Business Conduct and Swap

Documentation Requirements (2025/12/18)

Final Rule Eliminates Excessive Costs and Resolves Over a Decade of Regulatory

Uncertainty

The Commodity Futures Trading Commission today announced it has approved

a final rule that codifies existing staff no-action positions for certain of the CFTC’s

business conduct and documentation requirements applicable to swap dealers and

major swap participants. The final rule amendments further harmonize the CFTC’s
rules with those of the Securities and Exchange Commission and the Municipal

Securities Rulemaking Board.

“Finally, the Commission is eliminating duplicative, unnecessary requirements

and excessive costs that have negatively impacted American competitiveness for over

10 years with no measurable benefit,” said Acting Chairman Caroline Pham. “I’m

pleased to clean up the lack of regulatory clarity and create clear, simple rules that

will promote more efficient and well-functioning markets.”

In addition, the CFTC’s Market Participants Division today announced it has

issued a related no-action letter in connection with certain UK trading facilities,

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