Comments received by the Commodity Futures Trading Commission by the close of its comment period to its recent proposal to revise its record retention rule were overwhelmingly supportive. In its January 2016 proposal, the CFTC proposed a new “technology neutral” recordkeeping requirement that would eliminate the existing requirement that electronic records be maintained in their native file format and preserved exclusively in a non-rewritable, non-erasable format. Instead, the revised rule would be more principles-based. Electronic records would have to be maintained in a manner that ensures their reliability and authenticity, and each person required to maintain regulatory records would have to create, put in place and adhere to written policies and procedures “reasonably designed” to ensure the person’s compliance with the Commission’s recordkeeping requirements. (Click here for background on the CFTC’s proposal in the article “New Records Retention Regime for 21st Century Proposed by CFTC” in the January 16, 2017 edition of Bridging the Week.) FIA’s comments were typical. They said “We… welcome and strongly support the proposed amendments.” Notwithstanding, the organizations recommended that the CFTC clarify that the proposed new rule extends to all required records, even if created prior to the effective date of such new rule. ICE Futures U.S. asked that the CFTC consider not requiring designated contract markets to keep every correction or amendment to every record. This is because, said IFUS, records are not defined for DCMs. As a result, noted IFUS, although it makes sense to keep an accurate history of certain information – for example audit trails and related audit trails – it does not make sense to for DCMs to keep copies of every proposed invoice and subsequent amendment, as well as drafts of meeting minutes, correspondence, sales presentations and other documents. The Edison Electric Institute asked the Commission to consider adding a provision in the final rule that makes clear that the new rule is not intended to add additional reporting requirements for entities that have limited recordkeeping obligations and are not registered with the agency. FIA, SIFMA and SunTrust requested the CFTC to work with the Securities and Exchange Commission to harmonize their recordkeeping rules. Consistent with this argument, a group of managed funds industry organizations, including the Managed Funds Association, requested that the CFTC adopt a substituted compliance regime so that persons registered with the SEC as investment advisers or are affiliated with IAs could comply with CFTC recordkeeping requirements by complying with recordkeeping mandates under the SEC’s recordkeeping rules for investment advisers.