CMC Challenges CFTC On Tape Recording Requirement

CMC organized a coalition of groups to challenge the CFTC’s proposed tape recording regulation in a lengthy meeting with CFTC staff this week.  The proposal requires ALL members of a designated contract market or registrants of a swap execution facility to record (and retain for up to 5 years) ALL oral communications that lead to the execution of a trade in a commodity interest or cash commodity.

Not only does CMC believe the CFTC has failed to do an adequate cost/benefit analysis as required by law, but we believe the regulation exceeds the legal authority of the Commission over cash transactions.  We detailed our legal and practical arguments in a comment filed in August.

The CFTC is still taking comments on the proposal.  To submit additional comments, please email Peter Kals at pkals@cftc.gov.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: