February 10, 2015

CFTC’s Division of Market Oversight Issues Time-Limited No-Action Relief from Electronic Reporting Requirements in the OCR Final Rule

Washington, DC — The U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (DMO) today issued a no-action letter (CFTC Letter No. 15-03) 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 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 identify participants in futures and swaps markets. CFTC Letter 15-03 extends certain relief provided under CFTC Letter No. 14-95, a no-action letter DMO issued July 23, 2014 that extended certain reporting obligations under the OCR Final Rule.

DMO is issuing this no-action relief to provide reporting parties additional time to inform their clients regarding the information that reporting parties must collect and submit on the forms. CFTC Letter 15-03 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. CFTC Letter 15-03 also extends relief that expires in February and March of 2015 under CFTC Letter 14-95 to dates ranging from September 30, 2015 to February 13, 2017.

The relief is subject to certain terms and conditions, including the condition that reporting parties continue to report via the legacy, non-automated submission methods until the expiration of the relief granted. Reporting parties are also expected to cooperate with staff of the Commission’s Office of Data and Technology (ODT) to provide test submissions in the form and manner requested by ODT.

Detailed information on test submissions is available on the Commission’s website.

Last Updated: February 10, 2015