April 8, 2016

CFTC’s Division of Market Oversight Issues Further Actions Concerning Implementation of the Ownership and Control (OCR) Final Rule

Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today issued a no-action letter (CFTC Letter No. 16-32) and related guidance regarding the ownership and control final rule (OCR Final Rule). The OCR Final Rule requires the electronic submission of trader identification and market participant data on new and updated reporting forms.

CFTC Letter 16-32 extends certain relief previously provided under CFTC Letter No. 15-52, a DMO no-action letter issued on September 28, 2015. CFTC Letter 16-32 requires reporting parties to begin electronic submission of OCR Forms 102A, 102B and 102S on September 29, 2016, but also provides time-limited, substantive relief from certain reporting obligations on the OCR forms.

DMO is issuing this no-action relief to continue improvements in the reliability and consistency of the OCR data provided to the CFTC. This no-action relief is also intended to provide substantive relief with respect to certain OCR reporting issues that have been identified to DMO by reporting parties. CFTC Letter 16-32 provides an implementation schedule of no-action relief, extending to dates ranging from September 28, 2016 to April 29, 2018. For reference, DMO has summarized the no-action relief provided by this letter on an accompanying PowerPoint chart. Reporting parties may find it helpful to examine the chart when reviewing CFTC Letter 16-32.

The relief provided by CFTC Letter 16-32 is subject to certain terms and conditions, including the condition that reporting parties provide test submissions, status reports, and other information described in the letter in the form and manner requested by DMO or the CFTC’s Office of Data and Technology.

Finally, DMO is also issuing Guidance related to the OCR Final Rule with the other documents described above. The Guidance reproduces ownership and control questions asked in OCR Forms 102A and 102B, and responds directly to questions raised by reporting parties regarding the terms “owner” and “controller,” as used in these questions.

Parties with reporting obligations under the OCR Final Rule should also review CFTC Letter 16-33, issued the date hereof, which provides additional no-action relief regarding the masking of certain information reportable under the OCR Final Rule.

Detailed information on test submissions and other relevant information will be provided during the period of relief on the CFTC’s Ownership and Control Reporting (OCR) homepage.

Last Updated: April 8, 2016