CFTC returns to favourite sport
(Last updated: )
The CFTC has issued additional time-limited no-action relief from electronic reporting requirements in the ownership and control final rule (OCR Rule). The OCR Rule mandates the electronic submission of trader identification/market participant data, requiring both new and updated forms. No-action Letter 15-51 is the third postponement of enforcement for the OCR Rule and extends relief to dates ranging from April 27 2016 to 13 February 2017.
The relief is primarily conditional on reporting parties continuing to submit reports on legacy, non-automated forms. Commissioner Giancarlo issued an usually short, but typically trenchant comment:
“This is another example, however, of eleventh hour relief that had become a common agency practice several years ago. I had hoped that the practice would become a vestige of the past….Notwithstanding this relief, we have come to a point where ad hoc staff action is no longer satisfactory for this rule… Continuing to kick the can down the road is no longer the answer.”
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