CFTC Reminder: Upcoming Large-trader Ownership and Control (OCR) Reporting Deadlines | Practical Law

CFTC Reminder: Upcoming Large-trader Ownership and Control (OCR) Reporting Deadlines | Practical Law

The CFTC issued a staff advisory reminding reporting parties of their obligation to obtain information on a timely basis from their customers or counterparties in order to comply with the final large-trader ownership and control (OCR) reporting rules.

CFTC Reminder: Upcoming Large-trader Ownership and Control (OCR) Reporting Deadlines

Practical Law Legal Update 7-606-3926 (Approx. 4 pages)

CFTC Reminder: Upcoming Large-trader Ownership and Control (OCR) Reporting Deadlines

by Practical Law Finance
Published on 26 Mar 2015 • USA (National/Federal)
The CFTC issued a staff advisory reminding reporting parties of their obligation to obtain information on a timely basis from their customers or counterparties in order to comply with the final large-trader ownership and control (OCR) reporting rules.
On March 23, 2015, the CFTC issued Staff Advisory 15-14 reminding reporting parties of their obligation to obtain information on a timely basis from their customers or counterparties in order to comply with the final large-trader ownership and control (OCR) reporting rules, which the CFTC adopted under the Commodity Exchange Act (CEA) on November 18, 2013. For more information on the final OCR rules, see Legal Update, Final Large-trader Reporting Rule Issued by CFTC.
Reporting parties subject to Staff Advisory 15-14 include:
Under the final OCR rules, reporting parties must electronically submit trader identification and market participant data on new and updated reporting forms (New Form 102A, New Form 102S, New Form 40/40S and New Form 71) to better identify participants in futures and swaps markets.
Staff Letter 15-14 reminds reporting parties that they must obtain from their customers or counterparties the information necessary to submit Forms 102A, 102B and 102S by the reporting deadlines set out in No-action Letter 15-03 (No-action 15-03), which the CFTC published on February 10, 2015 (see Legal Update, CFTC Extends Large-trader Ownership and Control (OCR) No-action Relief). No-action 15-03 granted:
  • Relief from electronically reporting via New Form 102A until September 30, 2015.
  • Relief from electronically reporting via New Form 102S until September 30, 2015.
  • Relief from electronically reporting designated contract market (DCM) volume threshold accounts via New Form 102B until September 30, 2015.
  • Relief from electronically reporting swap execution facility (SEF) volume threshold accounts via New Form 102B until February 13, 2017.
  • Relief with respect to the obligation to report via New Form 40/408 and New Form 71 until February 11, 2016.
Staff Advisory 15-14 advises reporting parties subject to the requirements to take steps to ensure that their customers and counterparties:
  • Respond promptly to requests from reporting parties for OCR information.
  • Promptly notify reporting parties of any subsequent updates to OCR information.
  • Otherwise assist reporting parties in fulfilling their reporting obligations under the final OCR rules.
Staff Advisory 15-14 further reminds reporting parties that they are subject to examination regarding their obligations under the final OCR rules by either:
  • The National Futures Exchange and/or the Chicago Mercantile Change (in their capacity as reporting parties' designated self-regulatory organizations (DSROs)).
  • The CFTC.