CFTC Mandates Audio Logs Of Swaps Transactions

Law360, New York (December 17, 2012, 5:53 PM EST) -- The U.S. Commodity Futures Trading Commission on Monday approved a final rule requiring swap dealers and major swap participants to include audio records of communications that lead to commodities transactions, bringing its regulations in step with Dodd-Frank Act requirements.

In a unanimous 5-0 vote, the CFTC approved the final rule, which requires that “oral communications that lead to a transaction in a commodity interest” be recorded. Oral communications are only required from CFTC-registered market participants with aggregate gross revenue exceeding $5 million over the preceding three...
To view the full article, register now.