CFTC Proposes Greater Flexibility For Electronic Record-Keepers

In a move that affects everyone required under its rules to maintain records, the Commodity Futures Trading Commission ("CFTC" or "Commission") is proposing to permit greater flexibility in the technology used for electronic record retention and production, to remove the requirement that records be stored in their "native file format" and to no longer require use of a third-party technical consultant.¹ If adopted, the proposed rule will enable record-keepers to update and potentially streamline their current record storage technology and systems. And because the proposed amendments are technology-neutral (unlike the current rule), if adopted, they will not impede the adoption of future technologies as they become available. The Proposed Rule is an important step for aligning the CFTC's recordkeeping requirements with modern technological capabilities and standard industry practices. CFTC and Securities and Exchange Commission ("SEC") dual registrants should be aware