Regulation 17 CFR 1.31
Following the financial crisis of 2007 there were calls for widespread changes in the regulatory system, which would bring accountability and transparency to the financial markets. As a result, in 2010 Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank amended the Commodity Exchange Act to implement an in-depth regulatory framework for swaps and security-based swaps. A key area of the Commodities Exchange ACT (CEA) is 17 CFR 1.31 which establishes record keeping requirements for market participants and states “All books and records required to be kept by the Act or by these regulations shall be kept for a period of five years from the date thereof and shall be readily accessible during the first 2 years of the 5-year period.” Furthermore, in regards to Over the Counter Swaps record retention, rule 17 CFR 45.2(c) states “All records required to be kept pursuant to this section shall be retained with respect to each swap throughout the life of the swap and for a period of at least five years following the final termination of the swap.”
Record Keeping Highlights of 17 CFR 1.31
If you are an institution that is required to comply with the existing regulations of 17 CFR 1.31, then you must remember that:
A Key Takeaway of 17 CFR 1.31
17 CFR 1.31 has defined the term “electronic storage media” as any digital storage medium or system that preserves the records exclusively in an unalterable non-rewritable, non-erasable format, such as WORM.
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For More Information about CFTC 17 CFR 1.31
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