By Trend News Line 2024-06-17 00:00:00.
The Commodity Futures Trading Commission (CFTC) has announced the adoption of amendments to its regulations regarding exemptions for certain systems of records from provisions of the Privacy Act of 1974. The final rule aims to better align with the requirements of the Privacy Act and the guidance provided in Office of Management and Budget Circular A-108.
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The amendments specifically identify the systems of records included in the regulation, add additional systems of records that the Commission is exempting, enumerate the sections of the Privacy Act from which the Commission is exempting each system of records, provide reasons for the exemptions, and reorganize the regulations for ease of reference. This final rule will come into effect on July 17, 2024.
Kellie Cosgrove Riley, Chief Privacy Officer at the CFTC, can be reached for further information at privacy@cftc.gov or 202-418-5610. The Office of the General Counsel of the Commodity Futures Trading Commission is located at Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581.
The Privacy Act establishes principles that govern federal agencies’ collection, maintenance, use, and dissemination of personal information. It applies to information maintained in a “system of records,” defined as a group of records under the control of an agency from which information is retrieved by the name of the individual or some identifying number or symbol. The Act also restricts disclosure of records containing personal information and grants individuals increased rights of access and the ability to request amendments to their records.
In February 2024, the Commission published a notice of proposed rulemaking to revise certain regulations concerning exemptions for systems of records related to the Commission’s investigatory mission and personnel security obligations. After reviewing the regulations, the Commission determined that additional systems of records needed exemptions and that the existing regulations lacked specificity in identifying exempted systems of records.
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The Commission proposed to add more systems of records to the exemptions, provide specific rationales for each exemption, and reorganize the regulations for clarity. The proposed modifications received no comments, and as a result, the Commission is adopting the amendments as proposed.
The final rule modifies Privacy Act regulation §146.12 to add more systems of records for exemption, clearly identify previously exempted systems, remove and incorporate exemptions for the Office of Inspector General’s system of records, and provide more detailed rationale for each exemption. The systems of records being exempted include CFTC-1 Enforcement Matter Register and Matter Indices and CFTC-10 Investigatory Records, among others.
Overall, the amendments aim to ensure compliance with the Privacy Act and OMB Circular A-108, while also enhancing the protection of personal information and maintaining the integrity of the Commission’s investigative processes. The final rule will take effect on July 17, 2024, and stakeholders are encouraged to reach out to the Chief Privacy Officer for more information..
1. Federal Register Privacy Act Regulations on personal data protection
2. Privacy Act Regulations in the Federal Register on privacy rights.
