CFTC proposes anti-identity theft rule

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The CFTC approved rules for publication that will require futures commission merchants (“FCM”), introducing brokers (“IB”), commodity pool operators (“CPO”), and other CFTC-regulated entities to create policies for responding to red flags signaling identity theft.

Under the proposed rules, the CFTC-regulated entities must adopt programs that include polices to:

  • Identify red flags
  • Detect the occurrence of red flags
  • Respond appropriately to red flags
  • Update programs periodically

The rule will include guidelines and examples of red flags to help firms develop and implement their programs.

Read more about the proposed rule.

Photo credit: Steve Snodgrass

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About the Author

Elan Mendel
Elan Mendel is an associate with Shipkevich PLLC, and has done registration, compliance, and enforcement defense work for commodities, futures and forex firms registered with the CFTC and NFA as FCMs, RFEDs, and others. Elan also specializes in domestic and cross-border insolvency issues.

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