Updated: CFTC FORM 40/40S Reporting Requirements

Note: This version includes an additional section on cross-border considerations.

Significant amendments to the CFTC’s large trader reporting program will apply as of August 15, 2014.

The U.S. Commodity Futures Trading Commission (CFTC) has seemingly increased the number of Form 40/40S requests it has sent to market participants in recent months in anticipation of the CFTC’s revised position limits1 and aggregation rules2 as well as the implementation of its new enforcement authorities under the Dodd-Frank Wall Street Reform and Consumer Protect Act (Dodd-Frank Act).3 In light of this apparent increase and certain amendments to the CFTC’s large trader reporting rules (e.g., a continuing obligation to update Form 40/40S information) that will apply as of August 15, 2014,4 this Client Alert offers a summary of the circumstances that may result in the receipt of a Form 40/40S request as well as the reporting and recordkeeping requirements that currently apply (and will apply) to market participants that receive a Form 40/40S request from the CFTC. Because this Client Alert offers only a brief summary of these complex rules, however, please contact any of the authors for further clarification and guidance regarding responding to a Form 40/40S request from the CFTC.

Please see full alert below for more information.

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Topics:  CFTC, Compliance, Cross-Border, Derivatives, Dodd-Frank, Reporting Requirements, Swaps

Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Securities Updates

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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