CFTC News: CFTC Approves a Final Rule to Provide Exception to Annual Privacy Notice Requirement

Washington, DC (STL.News) – The Commodity Futures Trading Commission (CFTC) Friday approved a final 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.  The final rule revises CFTC Regulation 160.5 to remove the requirement to provide these annual privacy notices when certain conditions are satisfied.

CFTC staff worked with staff from the Consumer Financial Protection Bureau (CFPB) to ensure that the final rule is consistent with rules recently finalized by the CFPB.  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.