99-17004. Recordkeeping

[Federal Register Volume 64, Number 129 (Wednesday, July 7, 1999)]
[Rules and Regulations]
[Pages 36568-36569]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17004]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 1


Recordkeeping

AGENCY: Commodity Futures Trading Commission.


[[Page 36569]]


ACTION: Final rule.

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SUMMARY: On May 27, 1999, the Commodity Futures Trading Commission 
(``Commission'') published a rule in the Federal Register (64 FR 28735) 
announcing final amendments to the recordkeeping obligations imposed in 
Regulation 1.31. The Commission's rule provided that all the amendments 
would become effective on June 28, 1999. Recently the Commission 
learned that recordkeepers using only electronic storage media may need 
additional time to finalize arrangements with third party technical 
consultants necessary to meet the new condition imposed in section 
(b)(4) of amended Regulation 1.31.\1\ In order to avoid undue hardship 
for these recordkeepers, and in view of the alternative safeguards 
protecting the Commission's right to timely access to required records 
stored electronically, the Commission has decided to extend the 
effective date of Sec. 1.31(b)(4)'s requirements until September 27, 
1999.

    \1\ Section (b)(4) of the amended regulation requires 
recordkeepers who use only electronic storage media to preserve some 
or all of their required records to enter into an arrangement with a 
third party technical consultant. This arrangement must provide that 
the technical consultant will have access to and the ability to 
download information from the recordkeeper's electronic storage 
media to a medium acceptable under amended Regulation 1.31. The 
technical consultant must also file an undertaking to provide the 
Commission with access to the recordkeeper's required records under 
specified conditions.
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DATES: Effective July 7, 1999, 17 CFR 1.31(b)(4) is stayed until 
September 27, 1999.

FOR FURTHER INFORMATION CONTACT: Edson G. Case, Counsel, or Laurie 
Plessala Duperier, Special Counsel, Division of Trading and Markets, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 
Street, NW, Washington, DC 20581. Telephone [phone].

    Under the authority of 7 U.S.C. 12a(5), 17 CFR 1.31(b)(4) is stayed 
until September 27, 1999.

    Issued in Washington, D.C. on June 30, 1999 by the Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 99-17004 Filed 7-6-99; 8:45 am]
BILLING CODE 6351-01-M