In January, the Commodity Futures Trading Commission issued a proposal to update and modernize Rule 1.31, which sets out certain recordkeeping requirements for futures commission merchants, commodity pool operators, trading firms that are exchange members, and other market participants.
On March 20, FIA filed a comment letter broadly supporting the proposal, welcoming the agency’s “technology neutral and principles-based” approach and its effort to remove outdated and irrelevant provisions. FIA recommended a handful of further refinements to the rule, and encouraged the CFTC to work with the Securities and Exchange Commission to harmonize relevant rules for FCMs and broker-dealers.
