Guy Dempsey, a partner in the Financial Services practice, spoke with Law360 regarding National Futures Association's (NFA) plans to launch its first examinations of swap dealers and major swap participants this summer. Much of the focus is expected to fall on the chief compliance officers of these firms, the work they do and the resources they have to get it done. While NFA officials told industry representatives that the Commodity Futures Trading Commission will receive copies of their exam reports and may audit them, Guy stated that he does not expect NFA examiners will be on hunt for violations that could lead to enforcement actions. The rules governing the swaps industry are still new for both firms and the regulator, and both recognize the learning curve ahead. "Swap dealers all doing their best to cope with these complex rules," he said. "It probably wouldn't send the right message to start hauling people out and shooting them to encourage the others." ("First Swap Dealer Exams Expected to Probe Compliance Chiefs," June 12, 2014)