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ARTICLE · 01 MAY 2014

CFTC Issues Oral Recordkeeping No-Action Relief To Asset Managers

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The CFTC extended time-limited no-action relief for certain asset manager members of SEFs and DCMs from the oral recordkeeping requirement of CFTC Regulation 1.35(a).

United StatesFinance and Banking
Paul M. Architzel
Paul M. Architzel
Jeanette Boot
Jeanette Boot
Dino Wu
Dino Wu
Abimbola Bamgboye
Abimbola Bamgboye
Zachary King
Zachary King
Gail Bernstein
Gail Bernstein
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On April 25, 2014, the Commodity Futures Trading Commission (CFTC) extended time-limited no-action relief for certain asset manager members of swap execution facilities (SEFs) and designated contract markets (DCMs) from the oral recordkeeping requirement of CFTC Regulation 1.35(a) in connection with the execution of swaps.1 This no-action relief expires on December 31, 2014. 
 
CFTC Regulation 1.35(a), which was amended in 2012 following the passage of the Dodd-Frank Act, requires that each member of a DCM or SEF keep records which include all pertinent data and memoranda of all transactions relating to its business of dealing in commodity interests and related cash or forward transactions, including "all oral communications concerning quotes, solicitations, bids, offers, instructions, trading and prices that lead to the execution of a transaction in a commodity interest and related cash or forward transactions, whether communicated by telephone, voicemail, facsimile,

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