On 20 September, UK FCA issued rules on ESA guideline on qualifying holding.
- The joint ESA guidelines on prudential assessment of acquisitions and increases of
qualifying holdings in the financial sector, will come into force on 1 October 2017.
- FCA and PRA have notified the ESAs they will comply with guideline except on the
provision relating to the identification of acquirers for indirect qualifying holdings.
- Firms should use existing methodology, under Part XII FSMA, to identify controllers.
- Cited reference guide on identifying controllers and web page on change in control.
On 19 September, CFTC issued online portal of large trader reporting form.
- CFTC operate large trader reporting program to collect information of participants.
- Used the information to help ensure the integrity of the futures and swaps market.
- Has trader-identifying information in CFTC Form 40, statement of reporting trader.
- Based on trader reporting thresholds in Parts 15 and 20 of the CFTC’s regulations.
- From traders which hold or control a reportable futures, options or swaps position.
- Updated online filing portal of submission of CFTC Form 40 improves functionality.
- Added more user-friendly features, while collecting very same type of information.
- Wizard-style, allows user to better navigate through the different sections of form.
- Faster completion, replaced prior version of form that appeared as one long page.
- Auto-save feature allows users to disconnect from portal, without information loss.
- PDF version give users option to generate PDF versions of the final submitted form.
- May generate XML version of submitted form, if needed to later update submission.