CFTC modernizes Rule 1.31 recordkeeping requirements
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 By eliminating a number of prescriptive and outdated requirements, the amendments should provide greater flexibility to “records entities” to adopt new technologies in response to evolving technological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
:Emerald Publishing Limited
Copyright © 2017 Fried, Frank, Harris, Shriver & Jacobson LLP A Delaware Limited Liability Partnership