The CFTC wants YOU

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Paperwork. It’s a killer and there is more and more of it — Like your recordkeeping obligations under 17 CFR 1.31. That’s the Code of Federal Regulations (CFR) rules and regulations as it applies to the commodity exchanges regulated by the Commodity Futures Trade Commission (CFTC).
It’s pretty compelling reading. But before your eyes glaze over, take a look at our summary of these 4 key highlights:

[spacer height=”20px”][spacer height=”20px”]Record retention:

  • Change nothing. Paper records must be kept in their original format and electronic records must be retained in their native file format for five years.
  • The 5 year rule: Swap or related cash or forward transaction records must be kept for five years after the date of maturity, expiration, transfer, assignment, or novation date.
  • What’s been said. Keep records of oral communications for one year.

Accessibility:

  • Your records must be readily accessible for the first two years and the CFTC or Department of Justice may inspect them at will. You get to pay the cost to store and produce them.

Acceptable forms of storage:

  • Microfiche or equivalent, or “electronic storage media.” Either way, it’s got to be readily accessible, non-rewritable/non-erasable.

Electronic storage protocols:

Charged with recordkeeping, then you must:

  • Demonstrate to the CFTC how your electronic media archiving will be done.
  • Document your operational procedures and controls in writing to ensure accountability of entry and change of the records.
  • Contract with a third-party, technical consultant (like Patrina) to ensure compliance.

Bottom line: When the CFTC asks, you have to deliver and pay any costs incurred to produce your records on demand. To get it right without breaking the bank, you need a trusted technology partner. Like Patrina. So ask about our comprehensive compliance solutions specifically designed for you — Broker/Dealers, RIAs, and FCMs.

Let’s talk (212- 233-1155).

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