Federal Register: CFTC Updates Recordkeeping Requirements

The CFTC amended its rules in order to update the methods by which firms' records must be kept (see previous coverage). Under amended CFTC Rule 1.31, firms no longer will be required to (i) retain electronic records in their original format, (ii) keep records in a "non-rewritable, non-erasable format," or (iii) employ a third-party technical consultant for certain filing requirements. The adopted amendments, including corresponding technical changes regarding recordkeeping, will become effective on August 28, 2017.