Beginning November 18, persons owning or controlling reportable positions in futures or swaps and subject to a special call by the Commodity Futures Trading Commission must file electronically a revised CFTC Form 40 or 40S with the CFTC. (Click here to access a sample new Form 40. Designated contract markets will also utilize the revised Form 40s.) Persons are deemed to control a reportable position if they maintain positions or trade volumes in excess of enumerated threshold levels. Moreover, unlike now, reportable traders filing a new Form 40 will be under a continuous obligation “per direction in the special call” to freshen information in a previously filed Form 40; it is not clear within what time frame such information must be updated. Additionally, there are many new concepts introduced in the new Form 40 – some of which are not defined and some of which seem practically incompatible with guidance previously issued by staff of the Division of Market Oversight regarding the meaning of “trading account controller” in connection with a related CFTC form (click here to access the CFTC’s staff guidance). One such unclear concept is raised in question 12 of the new Form 40 which asks reportable traders to “[l]ist any other person[s] that directly or indirectly influence, exercise authority over, some or all of the trading of the reporting trader, but who does not exercise ‘control’…” Reportable or potential reportable traders should begin reviewing the revised Form 40 to anticipate how they will respond to each question when asked and to review how they will to file the revised Form 40s electronically beginning November 18.