November 30, 2018

CFTC Approves a Proposed Rule to Provide Exception to Annual Privacy Notice Requirement

Washington, DC — The Commodity Futures Trading Commission (CFTC) today approved a proposed rule to revise a CFTC regulation that requires certain futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators, introducing brokers, major swap participants, and swap dealers to provide annual privacy notices to customers. Under the proposed rule these annual privacy notices would no longer be required where certain conditions are satisfied.

CFTC staff worked with staff from the Bureau of Consumer Financial Protection (Bureau) to ensure that the proposal is consistent with rules recently finalized by the Bureau.  In addition, CFTC staff consulted with the Securities and Exchange Commission, the Federal Trade Commission, and the National Association of Insurance Commissioners on the revisions to CFTC regulation 160.5.

The comment period ends 60 days after the proposal’s publication in the Federal Register.