Regulatory Alerts2017-05-30 | 2017-11014Recordkeeping Requirements for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission issued a final rule modernizing and making technology-neutral the form and manner in which swap dealers, major swap participants, and other regulated entities must maintain regulatory records. The amendments eliminate prescriptive requirements to store electronic records in native file formats, retain them in write-once-read-many media, and engage third-party technical consultants for access verification. Additionally, the rule clarifies the definition of regulatory records to include necessary metadata and version control while excluding pre-execution drafts, and it reduces the retention period for certain pre-trade communications to five years.
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