The Commodity Futures Trading Commission has proposed to amend the recordkeeping requirements set forth in CFTC Regulation 1.35(a). The proposed amendments to CFTC Regulation 1.35(a) would clarify that records must be searchable and be kept in a form and manner that allows for identification of a particular transaction, whether communicated by telephone, voicemail, facsimile, instant messaging, chat rooms, electronic mail, mobile device, or other digital or electronic media. The requirement that records be searchable does not apply to oral and written communications concerning quotes, solicitations, bids, offers, instructions, trading and prices, but only those that lead to the execution of a transaction. 

The proposed amendments also would exempt members of a designated contract market or swap execution facility that are not registered in any capacity with the CFTC from maintaining records in a searchable format that allows for identification by transaction. These non-registered members would also be exempt from maintaining records of text messages. 

The proposed amendments would additionally exempt commodity trading advisors from the oral recordkeeping requirement. 

The text of the proposed rulemaking is available here