On November 18, the Commodity Futures Trading Commission adopted rules modifying its ownership and control reporting requirements. Specifically, the CFTC adopted (i) a new Form 71 to collect information regarding omnibus accounts that exceed a specified volume threshold; (ii) a revised Form 40/40S (Reporting Traders); and (iii) a revised Form 102 (Special Accounts), which has three parts: Form 102A (special accounts), Form 102B (volume threshold accounts) and Form 102S (swaps). The new reporting requirements were to be effective August 15, 2014.
On July 23, the CFTC’s Division of Market Oversight issued temporary no-action relief from the electronic reporting requirements of: (i) Form 102A and Form 102S until February 11, 2015; (ii) Form 102B until March 11, 2015; and (iii) Form 40/40S and Form 71 until February 11, 2016. The no-action relief requires market participants to continue to submit legacy Form 102, Form 102S, Form 40 and Form 40S, as appropriate. Futures commission merchants, clearing members and foreign brokers are also required to file an updated Form 102 within three days of any changes to the “special account” identification information previously reported to the CFTC on Form 102.
The no-action relief does not apply to the additional recordkeeping obligations imposed by revised CFTC Regulation 18.05, which will become effective on August 15.
CFTC Letter No. 14-95 is available here.