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Last Rule: Amendments to Role 160 Customer Financial Suggestions Privacy Legislation

Last Rule: Amendments to Role 160 Customer Financial Suggestions Privacy Legislation

Background

When you look at the Commodity Futures Modernization Act of 2000, part 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 individuals) be susceptible to the consumer financial privacy requirements of area 501 for the Gramm-Leach-Bliley Act (name V).

Title V requires that one covered agencies establish appropriate standards for the entities susceptible to their jurisdiction “(1) to guarantee the protection and privacy of consumer documents and information; (2) to safeguard against any expected threats or dangers to your protection or integrity of these documents; and (3) to safeguard against unauthorized usage of or usage of such documents or information that could end up in significant harm or inconvenience to virtually any customer” 7 (the step-by-step 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 for the CFTC (collectively, Covered people) follow policies and procedures fairly made to meet the Detailed needs. 8 In a 2011 amendment designed to add SDs and MSPs towards the range of entities susceptible to this part 160.30 requirement, the Detailed Requirements had been inadvertently deleted. 9

Final Rule

In November 2019, the CFTC proposed amendments to revive the unintentionally deleted Detailed demands to part 160.30. 10 In this rule that is final the Commission is adopting the amendments to component 160.30 to ensure that Covered Persons will likely be expected to follow policies and procedures reasonably made to meet the Detailed needs.