The Commodity Futures Trading Commission (Commission) today announced its intention to collect certain ownership, control, and other information for all trading accounts active on U.S. futures exchanges. The information will be collected via an account ownership and control report (OCR) submitted periodically to the Commission by designated contract markets and potentially other reporting entities. OCR data will be an important addition to the Commission’s existing regulatory data resources, and will serve to enhance market transparency; leverage existing surveillance systems; and foster synergies between the Commission’s regulatory, enforcement, and economic research programs.
To implement the OCR in the most effective manner possible, the Commission has approved for publication in the Federal Register an advanced notice of proposed rulemaking (Advanced Notice) seeking public comment on the OCR. The Advanced Notice details the data points to be collected in the OCR, including trading account numbers, the names and addresses of accounts’ owners and controllers, and the last four digits of owners’ and controllers’ social security or tax identification numbers. It also explains the Commission’s need for the OCR, and how OCR data will be used by different offices and divisions within the Commission. In addition, the Advanced Notice provides technical guidance with respect to the anticipated form, manner, and frequency of the OCR. Finally, it asks specific questions and seeks public comment to help the Commission formulate an effective rule implementing the OCR.
The Advanced Notice will be published with a 45 day comment period. The Commission looks forward to thoughtful comments submitted within that time period, and to implementing the OCR as expeditiously as possible.
