ICE updates on CFTC regulatory relief
Intercontinental Exchange (ICE) has issued an update regarding the temporary regulatory relief related to the Covid-19 pandemic.
As FX News Group has reported, ICE has asked the Commodity Futures Trading Commission (CFTC) to extend the relief.
In the latest update on the matter, ICE said that it has been advised by CFTC staff that no-action relief extending certain of the temporary no-action relief previously granted by the CFTC to registered U.S. intermediaries in response to the COVID 19 pandemic is currently under review and is expected to be issued early next week.
The Exchange also confirmed that the temporary relief from compliance with certain Exchange rules granted by the Exchange to intermediaries is also being extended, effective January 15, 2021, until the expiration date of the extended CFTC no-action relief.
Any party that is utilizing the relief for recording of oral communications or the time-stamp requirement is advised to endeavor to make proactive efforts to identify and create solutions to ensure compliance with Exchange rules at the expiration of the extended relief period. These solutions should include, at a minimum, the use of technology to ensure oral records are recorded and maintained for any remote worker and that the time-stamp requirements related to any person receiving a customer order are denoted appropriately through automation by electronic means.
Lastly, parties are advised to review their current policies and procedures and update such documents to ensure they comply with general recordkeeping requirements during and after such relief.
Last week, ICE said that it believes that relief will be extended to permit Floor Brokers and other individuals to continue to work from locations other than the trading floor or the premises of an entity registered to conduct customer business, it is unclear what, if any, relief will be extended with respect to
- written recordkeeping and
- oral recording requirements under CFTC Regulation 1.35.