Summary of Final Rule

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The Commodity Futures Trading Commission (CFTC) has adopted amendments to its regulations regarding exemptions for certain systems of records from the Privacy Act of 1974. These changes aim to better align with the requirements of the Privacy Act and OMB Circular A-108. The final rule specifies the systems of records included in the regulation, adds additional exempted systems, enumerates the sections of the Privacy Act from which exemptions are made, provides reasons for the exemptions, and reorganizes the regulations for clarity. The rule will be effective on July 17, 2024. For further information, contact Kellie Cosgrove Riley, Chief Privacy Officer at privacy@cftc.gov or 202-418-5610. The Privacy Act sets guidelines for federal agencies on collecting, using, and sharing personal information through a system of records. It restricts disclosure of personal information and grants individuals the right to access and request changes to their records if inaccurate. Agencies can exempt certain records from these provisions through a rulemaking process. The proposed rule aims to revise regulations to ensure all systems of records are properly exempted and clearly identified. Published on February 2, 2024, the notice of proposed rulemaking seeks to update existing Privacy Act regulations to better align with the Commission’s investigatory mission and personnel security obligations. The Commission has preliminarily decided to enhance the specificity of the rationale for exempting systems of records to ensure compliance with the Privacy Act and OMB Circular A-108. The proposed modifications include identifying specific systems of records such as CFTC-10 Investigatory Records and CFTC-44 Personnel Clearance System, while adding new systems like CFTC-1 Enforcement Matter Register. The Commission also plans to reorganize the regulations for easier reference. Comments were sought on the proposed changes, but none were received. As a result, the Commission is moving forward with the modifications as outlined in the NPRM. The final rule will provide more clarity on the exemptions and demonstrate the Commission’s commitment to privacy protection. The Commission is exempting certain systems of records from disclosure to protect the integrity of its law enforcement investigations. These records are compiled for the purpose of maintaining the investigative process and safeguarding the identities of confidential sources. Access to these records could compromise the investigative process, leading to the destruction of evidence or interference with witnesses. Specifically, the Commission is exempting CFTC-1, CFTC-10, and CFTC-12 from provisions of the Privacy Act to ensure the confidentiality of sensitive information. By keeping these records confidential, the Commission can carry out its law enforcement activities effectively and ensure the safety of its sources. The Commission is taking steps to protect the identities of confidential sources to ensure that they continue to provide valuable information for law enforcement activities. Specifically, exemptions are being made for CFTC-12, CFTC-31, and CFTC-32 from certain provisions of the Privacy Act to safeguard sensitive information. Access to identities could compromise investigations, leading to the destruction of evidence or interference with witnesses. By maintaining the confidentiality of sources and investigative processes, the Commission aims to uphold the integrity of its work. These measures are essential for obtaining crucial information and ensuring the suitability of individuals under consideration for employment with the Commission. The Inspector General Act of 1978, as amended, protects the identities of Federal employees who submit complaints or information related to investigations to the Office of the Inspector General. This confidentiality is crucial to encourage employees to come forward with vital information without fear of retaliation. The Commission, in compliance with the Privacy Act, has exempted its system of records to safeguard the identities of confidential sources. Access to this information could compromise law enforcement activities, risk retaliation against witnesses, and interfere with the investigative process. Maintaining confidentiality is essential for the Commission to gather necessary information for its operations and protect those who provide it. The Commission is exempting the CFTC-49 Whistleblower Records system of records from certain provisions of the Privacy Act to protect the integrity of the whistleblower process and maintain the confidentiality of sources. Specifically, sections (k)(2) and (5) of the Privacy Act are being utilized to exempt this system of records from provisions such as access rights and record amendment. This exemption is necessary to prevent interference with investigations, destruction of evidence, and compromising of witness testimonies. The final rule does not impact small entities as defined in the Regulatory Flexibility Act, as they are not provided rights under the Privacy Act. The Chairman certifies that this rule will not have a significant economic impact on small entities. The Paperwork Reduction Act (PRA) requires Federal agencies to follow certain guidelines when collecting information. Agencies must display a valid control number issued by the Office of Management and Budget (OMB) for information requests. This rule is not considered a collection of information under the PRA. The Cost-Benefit Considerations under the Commodity Exchange Act (CEA) require the Commission to assess the costs and benefits of its actions. Antitrust Considerations under the CEA aim to protect competition. The Commission has determined that the modified rule does not have anticompetitive effects. No comments were received on the potential anticompetitive nature of the rule. The Commission sought feedback on alternative methods to achieve the goals of the Act without resorting to the proposed rule, but no comments were received. As a result, the Commodity Futures Trading Commission is amending 17 CFR part 146. The amendment includes exempting certain systems of records from specific provisions of the Privacy Act. For instance, the CFTC-1 Enforcement Matter Register and Matter Indices system will be exempted from various sections of the Privacy Act. The Commission will extend these exemptions to records received from other exempted systems of records. This amendment aims to streamline enforcement investigations while ensuring compliance with relevant regulations. Exemptions from certain sections of the Privacy Act and CFTC’s rules are justified to protect ongoing investigations and maintain the effectiveness of law enforcement efforts. These exemptions prevent the release of information that could compromise investigations, such as disclosing the extent of an investigation or revealing confidential sources. Providing individuals with access to certain records could also hinder investigations by allowing them to tamper with evidence or influence witnesses. Retaining all information, even if not immediately relevant, is crucial for establishing patterns of unlawful activity and identifying leads. These exemptions ensure that the Commission can effectively carry out its investigative duties without interference or compromise.

Introduction

The Commodity Futures Trading Commission (CFTC) has recently adopted amendments to certain regulations regarding exemptions for certain systems of records from the provisions of the Privacy Act of 1974. This move is aimed at better conforming to the requirements of the Privacy Act and the guidance contained in Office of Management and Budget (OMB) Circular A-108. The final rule specifically identifies the systems of records included in the regulation, adds additional systems of records that the Commission is exempting, enumerates the sections of the Privacy Act from which the Commission is exempting each system of records, sets forth the reasons for those exemptions, and reorganizes the regulations for ease of reference.

This rule, which is effective July 17, 2024, marks an important step towards enhancing privacy protections for individuals whose information is held by the CFTC. It reflects the Commission’s commitment to upholding the principles of transparency and accountability in its data handling practices.

II. Key Changes

One of the key changes introduced by the amendments is the more specific identification of the systems of records that are exempted from the provisions of the Privacy Act. By clearly delineating these exemptions, the Commission aims to provide greater clarity and transparency to individuals whose information is stored in these systems.

Additionally, the final rule adds new systems of records to the list of exemptions, thereby expanding the scope of the Commission’s data protection efforts. By including these additional systems, the CFTC is taking proactive steps to ensure that all relevant records are appropriately safeguarded from unauthorized access or disclosure.

III. Rationale for Exemptions

The amendments set forth the reasons for each exemption, outlining the specific provisions of the Privacy Act from which the Commission is exempting each system of records. These reasons are based on considerations of national security, law enforcement, and other compelling interests that justify limiting the application of certain Privacy Act provisions to the identified systems of records.

By providing a clear rationale for the exemptions, the Commission seeks to communicate its commitment to protecting sensitive information while also upholding its regulatory responsibilities. This balanced approach reflects the Commission’s dedication to striking the right balance between privacy protection and operational efficiency.

IV. Contact Information

For further information about the amendments to the regulations regarding exemptions for systems of records, individuals can contact Kellie Cosgrove Riley, Chief Privacy Officer at privacy@cftc.gov or 202-418-5610. The Office of the General Counsel at the Commodity Futures Trading Commission, located at Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581, can also provide additional information and assistance.

V. Conclusion

In conclusion, the recent amendments to the CFTC’s regulations regarding exemptions for certain systems of records represent an important milestone in the Commission’s efforts to enhance privacy protections for individuals. By updating and expanding its data protection measures, the CFTC is demonstrating its commitment to upholding the highest standards of privacy and accountability in its operations.

Moving forward, the Commission will continue to review and refine its data handling practices to ensure that they remain in compliance with the Privacy Act and other relevant regulations. By prioritizing privacy and transparency, the CFTC is setting a strong example for other regulatory agencies to follow in safeguarding sensitive information and upholding the trust of the public.

The NPRM proposes to revise the Privacy Act regulations to include all systems of records for which the Commission would assert exemptions and to clearly identify each system of records with its number and accurate title. The Commission believes that these revisions will make the Privacy Act regulations more accurate and transparent. The proposed revisions will also help the public better understand which systems of records are exempt from certain Privacy Act provisions and why. This increased transparency will enhance public trust in the Commission’s handling of personal information.

III. Public Comments

The Commission invites public comments on the proposed revisions to the Privacy Act regulations. Interested parties may submit comments on or before March 4, 2024. Comments should be submitted in accordance with the instructions provided in the NPRM. The Commission will carefully consider all comments received before issuing a final rule.

IV. Conclusion

The proposed revisions to the Commission’s Privacy Act regulations aim to improve transparency and accuracy in the Commission’s handling of personal information. By clearly identifying all systems of records for which exemptions are asserted, the Commission seeks to enhance public trust and understanding of its privacy practices. Interested parties are encouraged to submit comments on the proposed rule before the deadline. The Commission looks forward to receiving feedback from the public and will carefully consider all comments before finalizing the rule.

The Privacy Act plays a crucial role in safeguarding individuals’ personal information held by Federal agencies. By establishing fair information practice principles and granting individuals increased rights of access and amendment, the Privacy Act helps protect privacy and promote transparency. The proposed revisions to the Commission’s Privacy Act regulations further this goal by improving accuracy and transparency in the Commission’s handling of personal information. Interested parties are encouraged to participate in the rulemaking process by submitting comments on the proposed revisions. By working together, we can help ensure that the Privacy Act continues to protect individuals’ privacy rights in an ever-changing digital landscape.

For more information on the proposed revisions to the Privacy Act regulations, including how to submit comments, please visit the Commission’s website at www.commission.gov. Thank you for your interest in this important issue.

The US Commodity Futures Trading Commission (CFTC) has recently made preliminary determinations to modify its Privacy Act regulations in order to provide more specificity regarding the rationale for exempting certain systems of records. The Commission’s goal is to better demonstrate its compliance with sections (j) and (k) of the Privacy Act and the corresponding guidance in OMB Circular A-108.

OMB A-108, issued in 2016, outlines the requirements for agency Privacy Act exemption regulations. At a minimum, agencies must include the specific name of any systems of records that will be exempt, the specific provisions of the Privacy Act from which the systems of records will be exempt, and the reasons for the exemption. Additionally, agencies must provide an explanation of why the exemption is necessary and appropriate.

In a Notice of Proposed Rulemaking (NPRM), the Commission proposed to identify specific systems of records that will be exempted, including CFTC-10 Investigatory Records, CFTC-31 Closed Commission Meetings, and CFTC-44 Personnel Clearance System. The Commission also proposed to add systems such as CFTC-1 Enforcement Matter Register and Matter Indices, CFTC-12 National Futures Association (NFA) Applications Suite System, and CFTC-49 Whistleblower Records.

Furthermore, the Commission proposed to remove the exemption for CFTC-32 Office of the Inspector General Investigative Files and incorporate it into Privacy Act regulation § 146.12. The NPRM also included a reorganization of the regulations for ease of reference.

After requesting public comments on the proposed modifications, the Commission received no feedback and has decided to adopt the changes as proposed. The final rule modifies Privacy Act regulation § 146.12 to add additional systems of records that are exempt from certain provisions of the Privacy Act, clearly identify previously exempted systems, and provide more specificity regarding the rationale for each exemption.

Specifically, the Commission is exempting the following systems of records:

1. CFTC-1 Enforcement Matter Register and Matter Indices (CFTC-1): This system contains an index and registry of enforcement investigations.

By adding more specificity to its exemption regulations, the Commission aims to enhance transparency and accountability in its data management practices. The modifications will ensure that the Commission is in full compliance with the Privacy Act and OMB Circular A-108, thus safeguarding the privacy rights of individuals whose information is contained in these systems of records. The Commodity Futures Trading Commission (CFTC) has announced that it is exempting certain systems of records from disclosure in order to protect the integrity of its investigative processes and maintain the confidentiality of sources. These exemptions are necessary to ensure that the CFTC can effectively carry out its law enforcement activities without compromising sensitive information.

One of the systems of records that the CFTC is exempting is CFTC-1, which contains records compiled for law enforcement purposes. These records are crucial for the Commission’s investigations into violations of the Commodity Exchange Act. By exempting this system of records from disclosure, the CFTC aims to prevent individuals from accessing information that could potentially interfere with ongoing investigations, such as by destroying evidence or tampering with witnesses. Additionally, the CFTC seeks to protect the identities of confidential sources who provide crucial information to the Commission under the promise of confidentiality. If these sources were to be exposed, they may be unwilling to cooperate with future investigations, hindering the CFTC’s ability to carry out its regulatory functions effectively.

Similarly, the CFTC is exempting the CFTC-10 Investigatory Records system from certain provisions of the Privacy Act for the same reasons. This system of records contains information developed during investigations of potential violations of the Commodity Exchange Act. By keeping this information confidential, the CFTC can ensure that its investigative processes remain secure and free from external interference. Protecting the identities of confidential sources is also essential to maintaining trust and cooperation within the industry, as these sources play a critical role in providing the Commission with valuable information for its enforcement activities.

Lastly, the CFTC is exempting the CFTC-12 National Futures Association (NFA) Applications Suite System from disclosure in order to safeguard the fitness and regulatory authority of individuals registered with the Commission. This system of records, held by the NFA on behalf of the Commission, contains information related to the fitness of individuals to engage in business activities within the Commission’s jurisdiction. By protecting this information from disclosure, the CFTC can ensure that its regulatory processes remain effective and that individuals subject to disciplinary actions are treated fairly and impartially.

In conclusion, the CFTC’s decision to exempt these systems of records from disclosure is crucial for maintaining the integrity and effectiveness of its law enforcement activities. By safeguarding sensitive information and protecting the identities of confidential sources, the CFTC can continue to fulfill its mandate of regulating the commodity futures and options markets in a fair and transparent manner. The Commodity Futures Trading Commission (CFTC) has made exemptions to certain provisions of the Privacy Act in order to protect the identities of confidential sources and maintain the integrity of its law enforcement activities. Specifically, the CFTC has exempted three systems of records – CFTC-12, CFTC-31, and CFTC-32 – from various provisions of the Privacy Act.

CFTC-12, also known as the Commission’s Whistleblower Records System, contains records related to individuals who provide information to the Commission on a confidential basis. The Commission has exempted this system of records from specific provisions of the Privacy Act in order to prevent individuals from accessing the identities of these confidential sources. By doing so, the Commission aims to ensure that these sources continue to provide valuable information for its law enforcement activities without fear of reprisal or exposure.

Similarly, CFTC-31, the Closed Commission Meetings system, contains records about individuals who are the subject of discussion at closed Commission meetings, including those under investigation or being considered for employment. The Commission has exempted this system of records to protect the integrity of the investigative process and safeguard the identities of confidential sources. By maintaining the confidentiality of these sources, the Commission can continue to gather crucial information for its law enforcement activities.

Lastly, CFTC-32, the Office of the Inspector General Investigative Files system, contains records relevant to criminal and civil investigations conducted by the Office of the Inspector General. The Commission has exempted this system of records to prevent unauthorized access that could compromise ongoing investigations and the confidentiality of sources. By keeping this information secure, the Commission can effectively carry out its law enforcement duties and protect the interests of whistleblowers and other sources.

Overall, these exemptions serve to balance the need for transparency and accountability with the necessity of protecting sensitive information and maintaining the effectiveness of the Commission’s law enforcement activities. By safeguarding the identities of confidential sources and protecting the integrity of investigations, the CFTC can continue to fulfill its mandate to regulate the commodity futures and options markets in the United States. The Commodity Futures Trading Commission (CFTC) recently announced updates to its system of records to protect the identities of federal employees and contractors who submit complaints or information related to investigations. This move is in accordance with the Inspector General Act of 1978, as amended, which prohibits the disclosure of such identities to ensure the safety and integrity of the investigative process.

The decision to exempt the system of records from certain provisions of the Privacy Act was made to safeguard the confidentiality of sources and witnesses who provide crucial information to the Commission. By keeping these identities confidential, the Commission aims to encourage individuals to come forward with information without fear of retaliation or interference.

One of the systems affected by these updates is the CFTC-44 Personnel Clearance System, which contains records related to background investigations and security clearances of individuals seeking access to Commission facilities and classified information. The Commission has outlined specific reasons for exempting this system from certain provisions of the Privacy Act, citing the need to protect the identity of sources and maintain the integrity of the investigative process.

In cases where records are compiled to assess an individual’s suitability for employment with the Commission, the system is exempted from disclosure requirements to honor promises of confidentiality made to sources who provided information during the determination process. Similarly, records related to law enforcement investigations are exempted to prevent the compromise of the investigative process and protect the identities of confidential sources.

The decision to update and exempt these systems of records underscores the Commission’s commitment to upholding transparency and accountability while ensuring the safety and security of those who contribute valuable information to its investigations. By safeguarding the identities of sources and witnesses, the Commission aims to create a safe environment for individuals to come forward with information, ultimately strengthening its law enforcement activities.

In conclusion, the CFTC’s decision to protect the identities of federal employees and contractors who submit complaints or information related to investigations is a crucial step in maintaining the integrity of its investigative process. By exempting certain systems of records from disclosure requirements, the Commission is prioritizing the safety and security of sources and witnesses, encouraging them to provide essential information without fear of retaliation or interference. These updates reflect the Commission’s commitment to upholding transparency and accountability while ensuring the effectiveness of its law enforcement activities. The Commodity Futures Trading Commission (CFTC) has announced that it is exempting the CFTC-49 Whistleblower Records system from certain provisions of the Privacy Act in order to protect the integrity of the whistleblower process and maintain confidentiality of sources. This decision was made in accordance with sections (k)(2) and (5) of the Privacy Act.

The CFTC-49 system of records contains information related to whistleblower tips, complaints, and referrals, as well as records related to investigations and inquiries into whistleblower complaints. Additionally, the system includes records related to the whistleblower award claim and determination process. The Commission has determined that these records are compiled for law enforcement purposes and must be protected from disclosure to prevent interference with ongoing investigations.

By exempting this system of records from specific provisions of the Privacy Act, the CFTC aims to prevent individuals from accessing information that could compromise investigations, such as the destruction of evidence or interference with witnesses. Furthermore, maintaining the confidentiality of the identity of sources who provided information during investigations is crucial to ensure that these sources continue to cooperate with the Commission.

Specifically, the CFTC-49 system of records is exempted from provisions such as 5 U.S.C. 552a(c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and (f) under the Privacy Act. These exemptions are necessary to safeguard the investigative process and protect the identities of confidential sources.

In related matters, the CFTC has clarified that the exemptions established under the Privacy Act do not impose any additional burden on individuals seeking access to records. The final rule provides additional specificity regarding the systems of records exempted from the Privacy Act and reorganizes regulations for ease of reference. These changes do not have a significant economic impact on small entities, as defined under the Regulatory Flexibility Act.

Overall, the CFTC’s decision to exempt the CFTC-49 Whistleblower Records system from certain provisions of the Privacy Act is aimed at upholding the integrity of the whistleblower process and ensuring the confidentiality of sources. This move demonstrates the Commission’s commitment to protecting sensitive information and maintaining the effectiveness of its investigations. The Paperwork Reduction Act (PRA) is a federal law that imposes requirements on government agencies when collecting or sponsoring information from the public. The purpose of the PRA is to reduce the burden on individuals and businesses by minimizing the time and resources spent on paperwork.

Under the PRA, federal agencies must display a valid control number issued by the Office of Management and Budget (OMB) for any information collection request. This ensures that the agency has received approval to collect the information and that the burden on the public has been minimized. Failure to comply with the PRA can result in penalties for the agency.

The Commodity Futures Trading Commission (CFTC) recently issued modified rules under the Privacy Act that pertain to the rights of individuals with respect to records maintained by the Commission. These modified rules are not subject to the PRA, as they do not involve the collection of new information from the public.

When issuing regulations or orders, the CFTC is required to consider the costs and benefits of the action. This includes evaluating the impact on market participants, market efficiency, price discovery, risk management practices, and other public interest considerations. In the case of the modified rules under the Privacy Act, the CFTC determined that the considerations outlined in the Commodity Exchange Act (CEA) are not applicable.

Furthermore, the CEA also requires the CFTC to consider antitrust laws and take the least anticompetitive means of achieving the purposes of the Act. The CFTC evaluated the modified rules and found no anticompetitive effects. The agency requested public comment on this issue but received no responses, indicating that there were no concerns raised about potential antitrust implications.

In conclusion, the CFTC’s issuance of modified rules under the Privacy Act is not subject to the Paperwork Reduction Act, as it does not involve the collection of new information from the public. The agency has taken into consideration the costs, benefits, and antitrust implications of the rules and determined that they are in compliance with relevant laws and regulations. The Commodity Futures Trading Commission (CFTC) recently requested public comment on whether there are less anticompetitive means of achieving the relevant purposes of the Act that would otherwise be served by adopting a proposed rule. Surprisingly, the Commission received no comments in response to this request, indicating a lack of opposition or alternative suggestions from stakeholders.

The request for comment was part of the CFTC’s ongoing efforts to ensure fair competition and transparency in the commodities market. The Commission aims to prevent anticompetitive practices and protect the interests of market participants, investors, and the public at large. By seeking input from industry stakeholders and the public, the CFTC aims to gather diverse perspectives and insights to inform its decision-making process.

The lack of comments in response to the request may suggest that stakeholders either agree with the proposed rule or do not see any viable alternative means of achieving the objectives of the Act. It is also possible that stakeholders may have chosen not to comment for various reasons, such as lack of time, resources, or interest in the issue at hand.

The proposed rule, if adopted, would likely have significant implications for market participants and industry dynamics. Therefore, it is crucial for the Commission to carefully consider all feedback and input before making any final decisions. The absence of comments does not necessarily indicate unanimous support for the proposed rule but rather a lack of opposition or alternative suggestions at this time.

Moving forward, the CFTC will continue to monitor market developments, engage with stakeholders, and evaluate the potential impact of the proposed rule on competition and market integrity. The Commission remains committed to upholding the principles of fair competition, transparency, and accountability in the commodities market.

In conclusion, the lack of comments in response to the Commission’s request for feedback on the proposed rule may reflect various factors, including stakeholder agreement, lack of alternative suggestions, or other reasons. The CFTC will proceed with its rulemaking process while remaining open to further input and feedback from stakeholders in the future. Stay tuned for updates on this important issue as the Commission continues its efforts to promote fair competition and market integrity in the commodities market. The Commodity Futures Trading Commission (CFTC) has recently announced exemptions from specific sections of the Privacy Act and the CFTC’s rules in relation to investigatory records. These exemptions have been justified for various reasons to ensure the effectiveness of investigations and to protect the integrity of law enforcement proceedings.

One of the primary reasons for the exemption from Section (c)(3) of the Privacy Act, which pertains to the accounting of certain disclosures, is to prevent the subject of an investigation from being alerted to the existence and extent of the investigation. By keeping this information confidential, the Commission can safeguard its investigative interests and prevent potential interference that could impede the identification and investigation of unlawful activities.

Similarly, exemptions from Sections (d)(1) through (4) of the Privacy Act, which relate to access and amendment of records, are necessary to maintain the integrity of investigations. Providing individuals with access to these records could compromise ongoing investigations by allowing subjects to manipulate or destroy evidence, influence witnesses, or fabricate testimony. By restricting access to these records, the Commission can prevent such interference and protect the confidentiality of sources who have provided information under promises of anonymity.

Additionally, the exemption from Section (e)(1) of the Privacy Act, which deals with the relevancy and necessity of information, is crucial for effective law enforcement. In the course of investigations, certain information may not initially appear relevant or necessary to a specific case. However, retaining all information that may aid in establishing patterns of unlawful activity is essential for providing investigative leads and building stronger cases against potential violators of the law.

Furthermore, exemptions from Sections (e)(4)(G) through (I) and (f) of the Privacy Act, which pertain to agency requirements and rules, are justified based on the Commission’s discretion in establishing procedures related to access and amendment of records in exempt systems. By exempting certain investigatory records from these provisions, the Commission can streamline its investigative processes and focus on efficiently uncovering violations of the Commodity Exchange Act.

In conclusion, the justifications for these exemptions from specific sections of the Privacy Act and the CFTC’s rules are rooted in the need to protect the integrity of investigations, safeguard confidential information, and ensure the effectiveness of law enforcement proceedings. By implementing these exemptions, the CFTC aims to enhance its ability to identify and prosecute unlawful activities in the commodities and derivatives markets.