New recordkeeping rules proposed by the Commodity Futures Trading Commission (CFTC) contain potentially troubling and onerous requirements that, among other things, would obligate futures commission merchants, introducing brokers, members of commodity exchanges and swap execution facilities to maintain records for five years on all written and oral communications. This would include emails and telephone conversations that lead to the execution of transactions in a commodity (including swaps) or cash commodity. Taken to the extreme, it appears the CFTC proposal could even require members of commodity exchanges and swap execution facilities to record and maintain records of telephone conversations that occur between producers and grain elevators, feed mills, grain processors and other merchants concerning cash and cash-forward contracts.
The Ohio AgriBusiness Association (OABA), in partnership with the National Grain and Feed Association, has been monitoring this issue. OABA has also submitted comments to the Commodity Futures Trading Commission, which you can find attached to this article.
Click the link to view OABA comments: CFTC Comments