The CFTC approved by a vote of 5 to 0 a final rule to enhance enforcement programs for the futures market. The rule amends CFTC regulations 1.35(a) and 1.31 to conform them to recordkeeping requirements for swap dealers and major swap participants under the Dodd-Frank Act.
Under the final rule, only oral communications that lead to a transaction in a commodity interest will have to be recorded, and oral communications are required only from certain market participants who are registered with the CFTC. The proposed rule would have required oral communication that lead to the execution of a transaction in a commodity interest or a cash commodity.
The final rule will be effective 60 days after publication in the Federal Register.