On 22 May 2014, the CFTC's Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight issued a no-action letter that provides relief from compliance with certain recordkeeping provisions of Regulation 1.35(a) to members of Designated Contract Markets or Swap Execution Facilities that are not registered or required to be registered with the CFTC ("Covered Members"). The CFTC press release explains that the CFTC hopes to incentivize trading on Swap Execution Facilities and Designated Contract Markets with the issuance of the no-action letter. The letter provides relief, pending further CFTC action, to Covered Members from complying with the requirements to keep electronic text messages and to keep records in a form and manner identifiable and searchable by transaction.
The full text of the no-action letter is available at:
http://www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-72.pdf
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