The CFTC amended its rules to modify the methods by which records must be kept. Under Rule 1.31, firms will no longer 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 90 days after publication in the Federal Register (see also, previous coverage).
Commentary / Steven Lofchie
Will the CFTC rule changes cause the SEC to revisit its own rules? It would seem to be the right thing to do.
Music Selection: " Thoroughly Modern Millie."
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