Proposed changes would provide permanent relief from
compliance with certain recordkeeping requirements and narrow the
types of records that must be identifiable by
transaction.
The December 2012 amendments to Commodity Futures Trading
Commission (CFTC) Rule 1.35 imposed new recordkeeping obligations
on various types of entities, including commodity trading advisors
(CTAs) and members of a designated contract market (DCM) or swap
execution facility (SEF) that are not registered or required to be
registered with the CFTC in any capacity, including the requirement
to maintain oral communications that lead to the execution of a
commodity interest transaction.1 The December
2012amendments also required that records be searchable and
identifiable by particular transaction (i.e., the "form and
manner" requirement). Although compliance with the amendments
was required on December 21, 2013, CTAs and unregistered DCM and
SEF members found it difficult to comply with certain
