CFTC Recommends Best Practices For Data Privacy And Information Security

Consistent with requirements under the Gramm-Leach-Bliley Act (GLBA) and regulations adopted by the Commodity Futures Trading Commission (CFTC) and other federal regulators, on Feb. 27, 2014, the CFTC issued an advisory outlining data privacy and information security safeguards for futures commission merchants, commodity trading advisers, commodity pool operators, introducing brokers, retail foreign exchange dealers, swap dealers and major swap participants (Covered Entities). The GLBA and CFTC regulations require that Covered Entities "must adopt policies and procedures that address administrative, technical and physical safeguards for the protection of customer records and information." As outlined under CFTC regulations, Covered Entities must have written policies and procedures that: