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

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

Background

Into the Commodity Futures Modernization Act of 2000, part 124 amended the CEA to include part 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 susceptible to the consumer financial privacy requirements of part 501 for the Gramm-Leach-Bliley Act (name V).

Title V requires that one covered agencies establish appropriate requirements for the entities at the mercy of their jurisdiction “(1) to guarantee the protection and confidentiality of consumer documents and information; (2) to safeguard against any expected threats or dangers into the protection or integrity of such documents; and (3) to guard against unauthorized use of or usage of such documents or information which may end in significant damage or inconvenience to your customer” 7 (the step-by-step demands).

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 of this CFTC (collectively, Covered people) follow policies and procedures fairly built to meet the Detailed needs. 8 In a 2011 amendment designed to add SDs and MSPs towards the directory of entities susceptible to this part 160.30 requirement, the Detailed Requirements had been accidentally deleted. 9

Final Rule

In 2019, the CFTC proposed amendments to restore the unintentionally deleted Detailed needs to component 160.30 november. 10 In this rule that is final the Commission is adopting the amendments to component 160.30 to ensure that Covered Persons will likely to be expected to follow policies and procedures fairly built to meet the Detailed needs. 继续阅读“Last Rule: Amendments to Role 160 Customer Financial Suggestions Privacy Legislation”