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CFTC modernizes Rule 1.31 recordkeeping requirements

David S. Mitchell (Fried, Frank, Harris, Shriver & Jacobson LLP, New York, New York, USA)
Robert M. McLaughlin (Fried, Frank, Harris, Shriver & Jacobson LLP, New York, New York, USA)
William J. Breslin (Fried, Frank, Harris, Shriver & Jacobson LLP, Washington, DC, USA)
Victoria T. Mazgalev (Fried, Frank, Harris, Shriver & Jacobson LLP, New York, New York, USA)
Scott I. Golden (Fried, Frank, Harris, Shriver & Jacobson LLP, Washington, DC, USA)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 6 November 2017

223

Abstract

Purpose

To provide an overview of the Commodity Futures Trading Commission’s (the “CFTC” or “Commission”) recent amendments to CFTC Rule 1.31, which sets forth recordkeeping requirements for all records required to be kept pursuant to the Commodity Exchange Act (“CEA”) and Commission regulations.

Design/methodology/approach

This article discusses the significant May 2017 amendments to CFTC Rule 1.31 and the practical impact of these amendments for entities subject to the rule’s requirements.

Findings

The CFTC’s recordkeeping amendments do not impose any new substantive recordkeeping requirements, but modernize and make technology neutral the form and manner in which regulatory records must be kept. By eliminating a number of prescriptive and outdated requirements, the amendments should provide greater flexibility to “records entities” to adopt new technologies in response to evolving technological developments.

Originality/value

Practical guidance from experienced commodities, futures and derivatives lawyers.

Keywords

Acknowledgements

Editor’s Note: This article is not intended to provide legal advice, and no legal or business decision should be based on its contents.

Citation

Mitchell, D.S., McLaughlin, R.M., Breslin, W.J., Mazgalev, V.T. and Golden, S.I. (2017), "CFTC modernizes Rule 1.31 recordkeeping requirements", Journal of Investment Compliance, Vol. 18 No. 4, pp. 45-49. https://doi.org/10.1108/JOIC-08-2017-0048

Publisher

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Emerald Publishing Limited

Copyright © 2017 Fried, Frank, Harris, Shriver & Jacobson LLP A Delaware Limited Liability Partnership

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