Aggregated News From Investment Management Regulators

CFTC Staff Extends Relief from Certain Reporting Obligations under the Ownership and Control Reports Final Rule


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— The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today issued a no-action letter that extends current relief from reporting obligations under the ownership and control reports final rule (OCR Final Rule). The OCR Final Rule, approved in 2013, requires the electronic submission of trader identification and market participant data.

DMO is providing this relief in an effort to address compliance difficulties associated with certain OCR reporting obligations that were identified by reporting parties and market participants. The relief announced today extends the following relief previously provided under CFTC Letter No. 17-45:

  • Two additional days to accurately report a trading account owner’s (TAC) and volume threshold account (VTA) owner’s name;
  • Relief from reporting certain TAC and volume threshold account controller (VTAC) identifying information;
  • Relief from rating the level of confidence a reporting party has in the accuracy of the information provided to it by its customers or counterparties;
  • Replacing a 50 contract threshold for reporting certain data with a 250 contract threshold;
  • Relief from reporting on Form 102S certain omnibus account originator and consolidated account (CA) owner information (conditioned on electronically reporting instead CA counterparty information);
  • Relief from reporting additional TAC and VTAC identifying information (conditioned on DMO being able to obtain TAC-identifying information from the special account controller and VTAC-identifying information from the VTA owner or the reporting firm);
  • Relief from refresh updates of Forms 102A, 102B and 102S (conditioned on filing timely and complete change updates);
  • Relief permitting using the same contact information for all 10% owners and parent companies (Identified Party) on question 8 on Forms 40 and 40S (conditioned on the means of communication provided being monitored by a person or persons who promptly upon request provide(s) contact information for a representative of the relevant Identified Party authorized to discuss OCR information with CFTC staff);
  • Relief from answering question 12 on Forms 40 and 40S regarding those who have direct or indirect influence on or exercise authority over, but not control of, a reporting party’s trading; and
  • Relief from filing change updates for Forms 40 or 40S other than in response to a special call pursuant to §§ 18.04 or 20.5(b).

The relief will remain in effect until the earlier of: (a) the later of the applicable effective date or compliance date of a Commission action, such as a rulemaking or order, addressing such obligations and (b) September 29, 2023. DMO plans to use the extended relief period to consider whether to recommend that the CFTC pursue changes to the OCR Final Rule.

Detailed information on the mechanics of reporting required by the OCR Final Rule and other relevant OCR Final Rule implementation information will be provided during the period of relief on the CFTC’s OCR homepage. Parties with reporting obligations under the OCR Final Rule should also review CFTC Letter 17-16, which provides additional no-action relief regarding the masking of certain information reportable under the OCR Final Rule.


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Regulator Information

Abbreviation: CFTC
Jurisdiction: USA

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