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Screenshot of a breaking news alert e-mail from Q2 2017
The U.S. Commodity Futures Trading Commission (CFTC)’s Division of Market Oversight (DMO) has issued a no-action letter that provides additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule (OCR Final Rule).
The OCR Final Rule, which was published in the Federal Register on November 18, 2013, requires the electronic submission of trader identification and market participant data on new and updated reporting forms. These reporting forms collect new information to better identity participants in futures and swaps markets. The OCR Final Rule requires reporting parties to begin submitting the forms electronically by August 15, 2014.
In the letter, DMO provides time-limited no-action relief for reporting parties from the requirement to file the forms electronically and provide certain additional information required by the OCR Final Rule. The relief is subject to certain terms and conditions outlined in the no-action letter, including the condition that reporting parties continue to report via the legacy, non-automated submission methods until the expiration of the relief granted.
DMO is issuing this no-action relief to provide market participants additional time to build and test systems for purposes of complying with the electronic reporting and substantive requirements of the OCR Final Rule.
Commission staff will continue to host telephone conference calls regarding technical implementation of the OCR Final Rule on an ongoing basis.