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Technical consultant requirement for CFTC record keeping

In 2013 the CFTC added the requirement to retain ‘oral’ communications relating to swaps and futures transactions to the recordkeeping rules.

In 2013 the CFTC added the requirement to retain ‘oral’ communications relating to swaps and futures transactions to the recordkeeping rules; this requires each CFTC regulated entity, covered by these rules, to appoint a technical consultant. The Technical Consultant will provide records to the regulator in the event that the regulated entity becomes unavailable. These rules are similar to the Third party downloader that has been required since 1992 under the SEC rules.

Compliance with this latest requirement can be fulfilled on your behalf by IPC. As a global integrator of voice recording platforms, we are able to act as the technical consultant in respect of your voice recordings, ambient noise recordings and mobile voice recordings. Where IPC maintains your voice-recording platform as a managed service we can act as your technical consultant for a simple one-off documentation fee that includes IPC making the appropriate filling with the CFTC.

If IPC does not manage your voice recording infrastructure we may still be able to act as your technical consultant if we are able to gain remote access to your systems to download the appropriate data. Our service will test the connection to your systems each month and confirm, by email, that we have the correct access. We have an operational model to resolve any connectivity issues including the appropriate escalation in your organisation. We can contract with you on an annual basis to provide this service.

For further information regarding the appointment of a technical consultant, please contact us.