Last Rule: Amendments to Role 160 Customer Financial Ideas Privacy Legislation
Within the Commodity Futures Modernization Act of 2000, area 124 amended the CEA to include area 5g, which requires that futures payment merchants (FCMs), commodity trading advisors (CTAs), commodity pool operators (CPOs) and brokers that are introducingIBs) (collectively, Covered people) be at the mercy of the consumer financial privacy requirements of area 501 of this Gramm-Leach-Bliley Act (name V).
Title V requires that one covered agencies establish appropriate requirements for the entities susceptible to their jurisdiction “(1) to guarantee the security and privacy of client documents and information; (2) to guard against any expected threats or dangers towards the protection or integrity of these documents; and (3) to safeguard against unauthorized use of or utilization of such documents or information that could lead to significant damage or inconvenience to virtually any customer” 7 (the detail by detail needs).
In 2001, the CFTC adopted legislation 160.30 mandating that FCMs, Retail foreign currency Dealers (RFEDs), CTAs, CPOs, IBs, MSPs and SDs beneath the jurisdiction associated with the CFTC (collectively, Covered people) adopt policies and procedures fairly made to meet the Detailed demands. 8 In a 2011 amendment supposed to add SDs and MSPs to your range of entities at the mercy of this part 160.30 requirement, the Detailed Requirements had been accidentally deleted. 9
In 2019, the CFTC proposed amendments to displace the unintentionally deleted Detailed demands investigate this site to component 160.30 november. 10 In this last guideline, the Commission is adopting the amendments to component 160.30 to ensure Covered Persons is necessary to follow policies and procedures fairly made to meet the Detailed needs. The amendments became effective on June 17, 2020.
Proposed Rule: Amendments to Swap Clearing Requirement Exemptions Under Component 50
The CEA needs a swap become cleared via an authorized or exempt derivatives clearing company (DCO) if the Commission has determined that the swap is needed to be cleared, unless an exclusion to your clearing requirement is applicable 11 (the Clearing Requirement). Continue Reading