U.K. – FCA Change in Control

On 20 September, UK FCA issued rules on ESA guideline on qualifying holding.

  • Followed EC July 2017 regulation on information for qualifying holding.

UK Implementation

  • 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.

U.S. – CFTC Large Trader Reporting

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.

Online Portal

  • 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.