The reporting deadline under the CFTC’s Ownership and Control Reporting (“OCR”) rules is September 30, 2015. Although these rules became effective in February 2015, the CFTC granted firms an extension which until September 30 (six months) to collect and report the additional information information.
What to Know
In November 2013, the CFTC finalized new rules for Ownership and Control Reporting (“OCR”) which significantly expand the large trader reporting requirements for U.S. FCMs and their clients under CFTC Regulation Part 17 CFR 17.01(a), 17.01(b) and 20.5 (1). What this means for customers is that your FCM is now required to collect and provide more granular information to the CFTC and other regulatory bodies regarding underlying ownership and control of customer accounts. In addition, the OCR rules also require the reporting of trading by “volume” on an intraday basis in addition to the end-of-day position reporting that has always existed.
Stay Informed
If you haven’t seen or been working with the compliance department at your respective FCM, please be aware that collecting this information is not optional and could impact your customers (see link to CFTC Staff Advisory No 15-14 below). As we approach the deadline, you may see an increase in these requests if you haven’t already. If you see a request come through your FCM, please make sure that you are working with your FCM and the customer to manage the process and collect accurate information.
Many FCMs are leveraging different solutions to collect and enter customer information. Should you have any questions about the OCR rule, the information required or the deadline - please make sure you are working with the compliance contact at your FCM.
Full Text of the Rule:
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2013-26789a.pdf
CFTC Staff Advisory No 15-14: http://www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/15-14.pdf
