CFTC Approves Proposal To Amend Recordkeeping Requirements

The CFTC unanimously approved proposed amendments to Regulation 1.31 in order to modernize and make technology-neutral the form and manner in which regulatory records must be kept, as well as rationalize the rule text for ease of understanding. The proposed amendments allow recordkeepers to leverage advances in IT as a means to reduce costs associated with the retention and production of paper and electronic records and to decrease the risks of cybersecurity threats, while also maintaining the necessary safeguards to ensure the integrity, availability and accessibility of required records. The public comment period on the proposal ends 60 days after the proposal's publication in the Federal Register.