CFTC Staff Issues Relief from Ownership and Control Reporting Rules

The conditional, time-limited no-action letter extends certain compliance deadlines under the new rules.

On November 18, 2013, the US Commodity Futures Trading Commission (CFTC) published final rules on Ownership and Control Reports (the Final OCR Rules) in the Federal Register. The rules are intended to provide the CFTC with enhanced visibility over participants in the futures and swaps markets in addition to the already existing reporting requirements under Parts 43 (real-time reporting), 45 (regulatory reporting) and 46 (historical reporting) of the CFTC regulations for swaps. Among other things, the Final OCR Rules expand upon the CFTC’s existing position and transaction reporting programs by updating existing Forms 102, 102S, 40 and 40S as well as introducing new mandatory forms to report large trader activity in swaps and futures based on intra-day volume thresholds through new Forms 102B and 71. The Final OCR Rules also add additional recordkeeping requirements to Part 18 of the CFTC regulations. These recordkeeping requirements mean certain categories of persons are required to submit data to the CFTC and require that all large trader forms be submitted to the CFTC electronically. For a more detailed summary of the Final OCR Rules, please see our previous Client Alert regarding the CFTC’s large trader reporting requirements and the Final OCR Rules.

The compliance date for the Final OCR Rules was August 15, 2014. However, in response to requests to provide the industry with additional time to: (i) build and test systems to comply with the electronic reporting requirements;here. NAL 14-95 provides conditional no-action relief from the requirement for market participants to submit the new forms under the Final OCR Rules as follows: and (ii) educate clients regarding the Final OCR Rules, on July 23, 2014, the CFTC Staff issued No-Action Letter 14-95 (NAL 14-95), available here. NAL 14-95 provides conditional no-action relief from the requirement for market participants to submit the new forms under the Final OCR Rules as follows...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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