reporting requirements

On November 13, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued CFTC Staff Letter No. 20-35, which extends temporary no-action relief to swap execution facilities (SEFs) and other market participants originally provided by CFTC Staff Letter No. 17-60. (For additional information regarding CFTC Staff Letter No. 17-60, please refer to the November 17, 2017 edition of Corporate & Financial Weekly Digest.) Staff Letter No. 17-60 provided that DMO would not recommend enforcement action against a SEF that has rules and/or procedures that use the SEF’s non-order book trading systems or platforms to facilitate the execution of block trades for swaps that are intended-to-be-cleared, and thus are not compliant with CFTC Regulation 43.2, subject to certain conditions being met.
Continue Reading CFTC Extends Relief for SEFs From Certain Block Trade Requirements

On August 13, the UK’s Financial Conduct Authority (FCA) published a new webpage on conduct rules reporting for FCA solo-regulated firms under the Senior Managers and Certification Regime (SM&CR).

The annual reporting obligation under the SM&CR, using the FCA’s Form REP0008 (filed online using the FCA’s Gabriel portal), requires FCA solo-regulated firms to inform the FCA if disciplinary action has been taken against individuals who are not Senior Managers (i.e., not just certified staff) for breaches of the FCA Conduct Rules. 
Continue Reading SM&CR: Disciplinary Action and Conduct Rules Reporting for Staff at FCA-Regulated Firms

On June 21, 2019, the Securities and Exchange Commission approved amendments to FINRA Rule 6730 (Transaction Reporting), which requires members to report transactions in US Treasury Securities executed to hedge a primary market transaction with an appropriate identifier. The amendments, further discussed in the June 8, 2018 edition of Corporate & Financial Weekly Digest,

On June 10, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-17, which addresses changes to the Problem Codes that FINRA members are required to use for self-reporting customer complaints. These changes are designed in part to account for the new Regulation Best Interest and Form CRS requirements that take effect on June 30.
Continue Reading FINRA Revises Problem Codes for Reporting Customer Complaints and for Filing Documents Online

On April 22, the UK’s Financial Conduct Authority (FCA) published a new webpage that sets out temporary measures for firms submitting regulatory returns (the Webpage).

The FCA has extended the submission deadlines for certain regulatory returns listed on the Webpage, which are due up to and including June 30, 2020. A brief summary of the amendments granted by the FCA is set out below:
Continue Reading FCA Webpage on Extending Submission Deadlines for Regulatory Returns

On March 19, 2020, the European Securities and Markets Authority (ESMA) published a public statement regarding the reporting requirements and registration of EU trade repositories (TR) under the Securities Finance Transactions Regulation (SFTR) in light of the recent adverse developments of the COVID-19 pandemic (the Public Statement).
Continue Reading ESMA Publishes Public Statement on COVID-19 and Reporting Obligations

The Commodity Futures Trading Commission (CFTC) will hold an open meeting on January 30, from 9:00 a.m. to 12:30 p.m. ET, to discuss a proposed rule regarding position limits for derivatives. The meeting will resume at 1:30 p.m. to consider another proposed rule on amendments to codify current no-action relief regarding swap execution facility (SEF) and real-time reporting requirements.
Continue Reading CFTC to Hold an Open Commission Meeting on January 30

On September 6, the National Futures Association (NFA) filed with the Commodity Futures Trading Commission for approval an amendment to NFA Compliance Rule 2-46 (CPO and CTA Quarterly Reporting Requirements) and a proposed NFA Interpretive Notice NFA Compliance Rule 2-46: Reporting Financial Information on NFA Forms PQR and PR. NFA Compliance Rule 2-46 requires member commodity pool operators (CPOs) and commodity trading advisors (CTAs)(with reporting requirements under CFTC Regulation 4.27) to file NFA Forms PQR and PR, respectively, on a quarterly basis. Such forms collect general identifying information regarding member CPOs/CTAs in addition to specific information on the pools operated by such CPOs and the assets directed by such CTAs.
Continue Reading NFA Proposes Amendments to CPO and CTA Quarterly Reporting Requirements