SIFMA AMG Issues Statement Protesting Application of Oral Recordkeeping Requirements to Asset Managers

The Asset Management Group of SIFMA ("SIFMA AMG") issued a statement regarding the CFTC no-action relief for asset managers from oral recordkeeping requirements in connection with swaps transactions, commending the CFTC for extending the relief.

Additionally, SIFMA AMG stated that it continues to believe that CFTC Rule 1.35(a) should not be applicable to asset managers that access SEFs to execute swaps. SIFMA AMG noted that, while its members will use the extension of the relief to prepare for compliance with the oral recording requirements, it hopes that the CFTC will continue to assess SIFMA AMG's request to exempt asset managers from Rule 1.35(a) completely.

See:SIFMA AMG Statement. Related news: CFTC Staff Issues Time-Limited No-Action Letter on the Applicability of Oral Recording Requirements for Certain Members of DCMs or SEFs (CFTC Letter 14-60) (with Lofchie Comment) (April 25, 2014).