CFTC portal expands to allow submission of event-specific reports by companies

The US Commodity Futures Trading Commission (CFTC) has announced that market participants can submit event-specific reports more easily and securely from today’s date because of new enhancements to the CFTC’s Portal. The new features also improve the CFTC’s ability to process submissions.

The CFTC Portal has been expanded to allow market participants, including designated contract markets (DCMs), swap execution facilities (SEFs), and swap data repositories (SDRs), to electronically submit event-specific reports to the CFTC to comply with CFTC regulations that requires them to report to the agency in a timely and confidential manner. Existing users of the CFTC Portal will benefit from stronger security through a “two-factor authentication,” which requires a user name and password as well as a working telephone number for validation of identity. Also new improvements to reporting and data collection for derivatives clearing organizations (DCOs) enhance the Commission’s ability to store and quickly recall this information.

When Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010), the CFTC became responsible for developing electronic mechanisms to support the new law. The CFTC Portal Project was launched in September 2012 and has offered increased functionality in incremental phases to support the requirements for electronic submissions. This action represents another meaningful step in supporting the overall mission of the Commission and Dodd-Frank.

The first phase of the CFTC Portal Project enabled the public to submit general and whistleblower tips and complaints regarding suspicious activities or transactions in violation of the Commodity Exchange Act and/or CFTC regulations. The second phase introduced an authenticated portal that enabled DCMs with CFTC created accounts to log in and submit quarterly financial resource reports. The CFTC Portal Project also gave DCOs the ability to submit the condition of their financial resources on a monthly, quarterly, and annual basis, as well as certifications by the chief compliance officers and other event-based submissions to comply with CFTC regulations.

Since the inception of the CFTC Portal Project, the CFTC has added numerous features to allow electronic submissions for SEFs; swap dealers and major swap participants. There is also the ability to file electronically unreported trade option data; and Money Market Mutual Fund, Depository, and DCO acknowledgment letters.

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