November 16, 2016
CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief from the Ownership and Control Final Rule
Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today reminds all participants in CFTC-regulated derivatives markets of the upcoming scheduled expiration of certain no-action relief associated with the Ownership and Control (OCR) Final Rule. Specifically, with the expiration of certain relief in CFTC Letter No. 16-32, certain electronic submission requirements for Forms 40/40S and 71 will commence on November 18, 2016, at 12:00 a.m. U.S. Eastern Time.
The OCR Final Rule, adopted by the CFTC in November 2013, requires the electronic submission of trader identification and market participant data on new and updated reporting forms, including an amended Form 40/40S and new Form 71. The submission of these forms via the CFTC’s web portal or secure file transfer protocol provides for the efficient, electronic reporting of information regarding large position and large volume traders in CFTC-regulated markets. The Division encourages market participants to ensure their familiarity with the requirements of the OCR Final Rule, and particularly encourages market participants to consult the multiple reference resources available on the CFTC’s Ownership and Control Reporting homepage.
Market participants may also submit questions regarding the OCR Final Rule to the Division and CFTC technology staff at [email protected]. Questions are answered during open conference calls held every other Wednesday at 11:30 a.m. U.S. Eastern Time. The complete schedule of upcoming calls is available on the CFTC’s Ownership and Control Reporting homepage.
The Division notes that reporting obligations for Forms 40/40S and 71 are triggered only upon request by the Division. In cases where the Division does request information, market participants will receive electronic communications from Division staff with further instructions. The Division recognizes that the reporting of amended Form 40/40S and new Form 71 may require technology adjustments by individual market participants in order to submit the data required. In that regard, the Division intends to continue to facilitate the submission process with market participants receiving information requests.
Last Updated: November 16, 2016