CFTC Final Rule Updates Recordkeeping Requirements

The CFTC unanimously approved a final rule that amends Regulation 1.31 to modernize and make technology-neutral the form and manner in which regulatory records must be kept. Regulation 1.31 does not specify the types of regulatory records that must be kept. Rather the regulation specifies the form and manner in which regulatory records required by other CFTC regulations are maintained and produced to the CFTC, as well as reorganize existing rule text for ease of understanding. Under the amendments, those required by CFTC rules to maintain records would have greater flexibility regarding the retention and production of all regulatory records. The final rule does not alter any existing requirements regarding the types of regulatory records to be inspected, produced and maintained under other CFTC regulations.