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The CFTC announced that it has approved a final rule to expand the CFTC's recordkeeping requirements. The announced rule change will amend CFTC Rules 1.35(a) (Records of Cash Commodity, Futures, and Option Transactions) and 1.31 (Books and Records; Keeping and Inspection) to conform them to recordkeeping requirements for SDs and MSPs under Dodd-Frank. The final rule amends Rule 1.35(a) to require that FCMs, IBs with aggregate gross revenue exceeding $5 million over the preceding three years, retail fx dealers ("RFEDs"), and certain members of designated contract markets ("DCMs") and swap

Commentary by Bob Zwirb

The CFTC approved rule amendments and an interpretive notice filed by the NFA concerning enhanced protections afforded to the retail customers of NFA forex dealer members ("FDMs"). The approved amendments include requirements that: (i) impose additional capital requirements on FDMs; (ii) FDMs collect security deposits for off-exchange foreign currency transactions from eligible contract participant counterparties and retail counterparties; (iii) FDMs adopt and implement rigorous risk management programs; and (iv) FDMs provide additional market disclosures and firm-specific information on Web

The CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) announced the issuance of the attached no-action letter relating to the fingerprinting requirement under CFTC Rule 3.10(a)(2) for certain principals of CFTC registrants. The no-action letter is in response to requests from market participants for relief from the fingerprinting requirement for principals of CFTC registrants where the principals have not resided in the United States since reaching 18 years of age (Non-U.S. Principals). Specifically, the no-action letter provides that DSIO will not recommend an enforcement