The Commodity Futures Trading Commission has amended its recordkeeping rule, CFTC Rule 1.35 (click here to access) to require unregistered members of designated contract markets or swap execution facilities to keep only certain transaction records, and not to keep written pre-trade communications or transaction records transmitted as text messages. They are also not required to keep their records in any particular form or manner. Under the amended rule, commodity trading advisers that are members of a DCM or SEF are excluded from the requirement they record and keep oral pre-trade communications. Currently, the CFTC recordkeeping rule requires unregistered members of DCMs and SEFs and impacted CTAs to generate and retain such records in a prescribed format—although they presently are acting under CFTC staff no-action relief excusing them from compliance (click here to access). In voting for the new rule, CFTC Commissioner J. Christopher Giancarlo noted the anomaly that although text messages are excluded from the recordkeeping requirement of unregistered members of DCMs or SEFs, communications through internet-based messaging services are not. Mr. Giancarlo also pondered about the possible-short lived benefit some unregistered members of DCMs might receive, if they are soon required to be registered as floor traders under newly proposed CFTC Regulation AT.