NFA Urges CFTC to Adopt Industry Recommendations to Proposed Recordkeeping Amendments

The National Futures Association ("NFA") expressed general support for a CFTC proposal that would amend recordkeeping requirements and related exemptive relief (see previous coverage), but urged the CFTC to revise certain third-party recordkeeping requirements in response to industry requests.

The NFA recommended that the CFTC (i) "eliminate the requirement that records be maintained only with specified categories of third parties," (ii) "eliminate the requirement that third-party recordkeepers certify that they keep and maintain records," and (iii) "permit [Commodity Trade Advisers] to use third-party recordkeepers."

The NFA encouraged the CFTC to codify third-party recordkeeping relief that had been granted previously.