Commodity Futures Trading Commission

Adaptation of Regulations To Incorporate Swaps-Records of Transactions

December 21, 2012 - 77 FR 75523 - RIN: 3038-AD53 - Download Full Notice: Text | PDF

The Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``DFA'') established a comprehensive new statutory framework for swaps and security-based swaps. The Dodd-Frank Act repeals some sections of the Commodity Exchange Act (``CEA'' or ``Act''), amends others, and adds a number of new provisions. The DFA also requires the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') to promulgate a number of rules to implement the new framework. The Commission has proposed and finalized numerous rules to satisfy its obligations under the DFA. This final rulemaking makes certain conforming amendments to recordkeeping provisions of regulations 1.31 and 1.35(a) to integrate these regulations more fully with the new framework created by the Dodd-Frank Act.\1\ This final rulemaking requires futures commission merchants (``FCMs''), certain introducing brokers (``IBs''), retail foreign exchange dealers (``RFEDs'') and certain other registrants that are members of designated contract markets (``DCMs'') or swap execution facilities (``SEFs'') to record all oral communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices, that lead to the execution of a transaction in a commodity interest, whether communicated by telephone, voicemail, mobile device, or other digital or electronic media, and to keep those records for one year. This final rule also requires FCMs, IBs, RFEDs, and all members of a DCM or SEF to record and keep all written communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices, that lead to the execution of a transaction in a commodity interest or related cash or forward transactions, whether communicated by telephone, voicemail, facsimile, instant messaging, chat rooms, electronic mail, mobile device, or other digital or electronic media, and to keep those written records for five years. ---------------------------------------------------------------------------

Agency Contact: Katherine Driscoll, Associate Director, 202-418-5544, kdriscoll@cftc.gov, Elizabeth Miller, Attorney- Advisor, 202-418-5450, emiller@cftc.gov, Division of Swap Dealer and Intermediary Oversight; Peter A. Kals, Special Counsel, 202-418-5466, pkals@cftc.gov, Division of Clearing and Risk; David E. Aron, Counsel, 202-418-6621, daron@cftc.gov, Office of General Counsel; Alexis Hall- Bugg, Attorney-Advisor, 202-418-6711, ahallbugg@cftc.gov, Division of Market Oversight, Commodity Futures Trading Commission, Three Lafayette Centre, 1151 21st Street NW., Washington, DC 20581.

This rule is final.


Image 01 Image 02 Image 04 Image 05 Image 08