CFTC Extends No-Action Relief From OCR Reporting Obligations - September 30, 2020

The CFTC Division of Market Oversight ("DMO") extended no-action relief, previously provided under Letter 16-32 and Letter 17-45, from the ownership and control reporting ("OCR") requirements for reporting entities. The relief was granted in response to requests from ISDA, the FIA and the Commodity Markets Council.

As previously covered, the OCR final rule instituted requirements intended to enhance the identification of futures and swap market participants, and included several reporting requirements on collecting ownership and control information for active accounts. The DMO previously granted certain no-action relief to address concerns that the OCR requirements presented compliance issues that made it difficult for entities to "fully comply" with certain aspects of the rule.