CFTC Issues Advisory Reminding Certain Parties of Their Reporting Obligations Pursuant to the OCR Final Rule (CFTC Letter 15-14)

The CFTC Divisions of Market Oversight and of Swap Dealer and Intermediary Oversight issued a staff advisory reminding futures commission merchants, clearing members, foreign brokers, swap dealers and certain reporting markets (collectively, "reporting parties") of their obligation to obtain information on a timely basis from their customers or counterparties in order to comply with the ownership and control reports final rule ("OCR Final Rule").

The staff advisory reminds reporting parties, pursuant to the OCR Final Rule, that they must obtain from their customers or counterparties the necessary information in order to submit certain OCR reporting forms by the specified deadlines. Additionally, the staff advisory states that it may be advisable for reporting parties to take steps to ensure that their customers and counterparties: (i) respond promptly to requests for OCR information and (ii) notify them promptly of any subsequent updates to the information; and (iii) otherwise assist in fulfilling their reporting obligations under the OCR Final Rule.

The OCR Final Rule requires the electronic submission of trader identification and market participant data on new and updated forms 102A, 102B and 102S, as well as other forms. The letter notes that the OCR Final Rule currently is subject to staff no-action Letter 15-03, and that reporting obligations under the OCR Final Rule follow a staggered implementation schedule with obligations beginning on October 1, 2015. The staff recommends that reporting parties take preparatory steps, as described in staff no-action letter 15-03, so that they may comply successfully with their reporting obligations on October 1, 2015.

See: CFTC Advisory Letter 15-14.
See also: OCR Related Materials.
Related news:CME, CBOT, NYMEX and COMEX Issue Advisory Regarding Daily Submission of Large Trader, Ownership/Control Reports and Open Interest Data (February 12, 2015); CFTC Issues No-Action Relief from Electronic Reporting Requirements in the OCR Final Rule (Letter 15-03) (February 10, 2015).

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