CFTC Proposal Regarding Records of Commodity Interest and Related Cash or Forward Transactions (Fed. Reg.)

The CFTC-proposed amendments to CFTC Rule 1.35(a) ("Records of Commodity Interest and Related Cash or Forward Transactions") regarding records of commodity interest and related cash or forward transactions was published in the Federal Register.

The CFTC proposed to require that all records maintained pursuant to CFTC Rule 1.35(a) must be searchable. The proposal also would clarify that all records must be kept in a form and manner that allows for identification of a particular transaction. The exceptions to this are records of oral and written communications leading to the execution of a transaction in a commodity interest and related cash or forward transactions. Additionally, the CFTC proposed to exclude unregistered members of designated contract markets ("DCMs") and swap execution facilities ("SEFs") from the requirements to retain text messages and to maintain records in a particular form and manner, and also to exclude CTAs from the oral recordkeeping requirement.

Comments must be submitted by January 13, 2015.

See: 79 FR 68140; Click here for a fact sheet on the proposed rule; click here for a Q&A sheet.
Related news: CFTC Approves Rule Proposals and Product Interpretation (with Delta Strategy Group Summary and Lofchie Comment) (November 3, 2014).