By: William Bolotin
May 1, 2019
In developing the new rule, the CFTC consulted and coordinated with the Bureau of Consumer Financial Protection (which adopted a similar rule in August 2018), the Securities and Exchange Commission, the Federal Trade Commission, and the National Association of Insurance Commissioners.
For many CFTC registrants, the annual privacy notice distribution requirement has been a trap for the unwary, resulting in adverse findings in National Futures Association or CME Group compliance examinations. For those registrants that qualify for the exception, the CFTC’s privacy regulation amendments are welcome relief. You should consult with an attorney to determine whether you or your business qualify for an exception from federal privacy notice requirements. Also, businesses should regularly review and, if necessary, update their privacy policies, based on changes in operations as well as new applicable laws and regulations.