Regulatory Alerts2016-09-19 | 2016-22174System Safeguards Testing Requirements
The Commodity Futures Trading Commission adopted final rules amending system safeguards regulations for designated contract markets, swap execution facilities, and swap data repositories to enhance cybersecurity testing and oversight. The rules clarify required testing types, including vulnerability, penetration, controls, security incident response, and enterprise technology risk assessments, while establishing minimum frequency and independent contractor testing mandates for covered entities. Compliance deadlines range from 30 days to three years after the September 19, 2016 effective date, requiring entities to update business continuity plans and maintain specific books and records.
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