Last week I wrote that, 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. Moreover, these new forms ask different questions than the legacy Form 40 and have different obligations regarding affirmative updates. (Click here for background, in the article, “New Form 40 Obligations to Begin November 18 – Be Prepared” in the November 6, 2016 edition of Bridging the Week.) Persons wishing prior to November 18 to test the new CFTC portal that will be used to prepare and submit the new Form 40, or submit it via a secure FTP data feed may do so by starting the registration process here. For technical guidance to assist in preparing files for SFTP transmission, click here. Finally, for a copy of the new Form 40, click here (unfortunately, you will not find a standalone version of the new Form 40 at www.cftc.gov as of this time).
My View: Due to the difficulty navigating the CFTC’s website to find the portal used to input the revised Forms 40 and 40S (in order to test the process of submitting the new forms); the lack of a standalone draft new Form 40 easily identifiable on its website; and the ambiguity of some of the new questions on the Form 40, it seems only fair and reasonable for the CFTC to delay the effective date of new Forms 40 and 40S requirements. Reportable traders should make a request for such delay urgently.