On June 26, 2015 FIA filed a petition with the CFTC to amend certain provisions of the Ownership and Control Reports rule. The purpose of the petition is to enhance the quality of the OCR data that the CFTC receives and the ability of reporting entities to comply. Key provisions of the petition include:
- Removing the requirement to provide data on special account owners and individual trading account controllers,
- Clarifying the definitions of the types of owners listed on the reporting forms,
- Allowing reporting entities to finalize report data within three business days after they account becomes reportable,
- Eliminating futures terminology on swap data forms; and
- Working with the industry to address foreign privacy laws.