As a registered futures commission merchant CHS was required to make and keep these audio recordings for not less than one year.
CFTC Rule 1.31
The dissenters questioned whether the definition of “business records” has been stretched beyond usefulness.
The SEC and CFTC hand out sizable, combined penalties for recordkeeping and supervision failures relating to off-channel communications.
SEC and CFTC charge HSBC and Scotia Capital with recordkeeping failures using off-channel comms.