| Financial Privacy Rules for the Futures Industry |
|
| The CFTC adopted its financial privacy rules following the enactment of the Commodity Futures Modernization Act of 2000. All of NFA's Members (FCMs, CTAs, CPOs and IBs) are required to comply with the privacy provisions of the Gramm-Leach-Bliley Act. |
|
| The privacy rules apply to nonpublic personal information about individuals who obtain financial services products for personal, family or household purposes. Nonpublic personal information is generally defined as personally identifiable financial information that is not publicly available. Specifically, the CFTC's rules require CFTC registrants and NFA Members to notify customers of their privacy policies and these entities are also required to provide customers with a notice that instructs customers how to "opt out" of having their information shared with nonaffiliated third parties. The CFTC rules state that registrants must give customers a reasonable amount of time to opt out of disclosures of nonpublic personal information to nonaffiliated parties. |
|
| If you do not have such a Privacy Notice in place, the CFTC Rules state that you should be in compliance their privacy rules by March 31, 2002. If you are not aware of the requirements, need assistance in addressing these federally mandated requirements, or would like us to review a policy statement that you have created, CSI will be more than happy to assist you in ensuring that you meet the requirements. Please contact us as soon as possible at 732-335-5740 to discuss how we can help you comply with these rules. |
|
|
| DISCLAIMER | Copyright © 2002 Compliance Supervisors Inc.TM, all rights reserved. |
|