CFTC Recording Requirements

New recording requirements went into effect in January. Although some IBs are exempted, many are not. The NIBA has opposed this requirement from its beginnings, noting that enforcement is difficult — if not impossible, it requires new expenses for many offices, and requirements for recording of transactions vary greatly from state-to-state. We want to revisit this issue with the CFTC. Will you send us a note explaining how the requirement is affecting you? Please include additional costs (equipment, legal advice, extra staff, etc), you have expended and expect to spend to stay in compliance; and, other issues you are running…

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