6351-01-P
COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 146
RIN 3038-AF22
Privacy Act Regulations
AGENCY: Commodity Futures Trading Commission.
ACTION: Final rule.
SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission) is
adopting amendments to certain of its regulations regarding exemptions for certain
systems of records from one or more provisions of the Privacy Act of 1974 (Privacy Act)
in order to better conform to the requirements of the Privacy Act and the guidance
contained in Office of Management and Budget (OMB) Circular A-108, Federal Agency
Responsibilities for Review, Reporting, and Publication Under the Privacy Act (OMB A108). The final rule more specifically identifies the systems of records currently 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.
DATES: This rule is effective [INSERT DATE 30 DAYS AFTER DATE OF
PUBLICATION IN THE FEDERAL REGISTER].
FOR FURTHER INFORMATION CONTACT: Kellie Cosgrove Riley, Chief Privacy
Officer, privacy@cftc.gov, 202-418-5610, Office of the General Counsel, Commodity
Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW,
Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
I.

Background

A. The Privacy Act
The Privacy Act1 establishes a code of fair information practice principles that govern
Federal agencies’ collection, maintenance, use, and dissemination of an individual’s
personal information. The Privacy Act applies to information that is maintained in a
“system of records,” defined as a group of any records under the control of an agency
from which information is retrieved by the name of the individual or by some identifying
number, symbol, or other identifying particular assigned to the individual.2
In addition to establishing a code of fair information practice principles, the Privacy
Act restricts disclosure of records containing personal information that an agency
maintains.3 The Privacy Act also grants individuals an increased right of access to
records maintained about themselves as well as the right to request amendment of those
records upon a showing that they are not accurate, relevant, timely, or complete.4 The
Privacy Act also permits agencies, where certain requirements are met and subject to
limitations set forth in the Privacy Act, to specifically exempt systems of records from
certain provisions of the Privacy Act, mainly pertaining to the Privacy Act’s provisions
permitting individuals to access and request amendment of their records.5 In order to
claim an exemption, the agency must engage in a rulemaking process pursuant to the
Administrative Procedure Act6 and make clear to the public why particular exemptions
are being invoked.7
II.

The Proposal

5 U.S.C. 552a.
5 U.S.C. 552a(a)(5).
3 5 U.S.C. 552a(b).
4 5 U.S.C. 552a(d).
5 5 U.S.C. 552a(j) and (k).
6 5 U.S.C. 553.
7 5 U.S.C. 552a(j) and (k).
1
On February 2, 2024, the Commission published a notice of proposed rulemaking
(NPRM)8 to revise certain of the Commission’s part 146 regulations.9 Current
Commission regulations §§ 146.12 and 146.13 (together, Privacy Act regulations) assert
exemptions for certain of the Commission’s systems of records that contain records
related to the Commission’s investigatory mission and personnel security obligations.
After reviewing those regulations, the Commission preliminarily determined that the
current Privacy Act regulations do not include all of the systems of records for which the
Commission would, in fact, assert exemptions, and those systems of records that are
currently referenced are not clearly identified with each system of records’ number and
accurate title. The Commission also preliminarily determined to add more specificity
regarding the rationale for exempting each of the systems of records in order to better
demonstrate the Commission’s compliance with sections (j) and (k) of the Privacy Act10
and the corresponding guidance in OMB Circular A-108.11 OMB A-108, issued in 2016,
provides that, at minimum, an agency’s Privacy Act exemption regulations shall include
the specific name of any systems of records that will be exempt pursuant to the
regulations, the specific provisions of the Privacy Act from which the systems of records
will be exempt and the reasons therefor, and an explanation of why the exemption is
necessary and appropriate.
In the NPRM, the Commission proposed to identify more specifically CFTC-10
Investigatory Records, CFTC-31 Closed Commission Meetings, and CFTC-44 Personnel
Clearance System, identified in the current Privacy Act regulations as Exempted
Investigatory Records, Exempted Closed Commission Meetings, and Exempted

89 FR 7307 (Feb. 2, 2024).
17 CFR part 146.
10 5 U.S.C. 552a(j) and (k).
11 OMB A-108, available at https://www.whitehouse.gov/wpcontent/uploads/legacy_drupal_files/omb/circulars/A108/omb_circular_a-108.pdf, at
page 25.
8
Employee Background Investigation Material, respectively; and proposed to add CFTC-1
Enforcement Matter Register and Matter Indices, CFTC-12 National Futures Association
(NFA) Applications Suite System, and CFTC-49 Whistleblower Records. The
Commission also proposed to remove Privacy Act regulation § 146.13, which provides
for exempting CFTC-32 Office of the Inspector General Investigative Files, in favor of
incorporating that system of records and the corresponding exemptions into Privacy Act
regulation § 146.12. In addition, for all of the identified systems of records, the
Commission proposed to specifically enumerate each provision of the Privacy Act from
which each system of records was being exempted and the rationale for each exemption.
Finally, the Commission proposed to reorganize the regulations for ease of reference.
III.

Comments

The Commission requested comment on the justification for and the scope of each of
the proposed exemptions. The Commission received no comments regarding the
proposed modification to its Privacy Act regulations nor regarding any of the related
matters for which comment was requested in the NPRM. Accordingly, the Commission is
adopting the proposed modifications with no changes for the reasons set forth in the
NPRM, as explained below.
IV.

Final Rule

The Commission is modifying Privacy Act regulation § 146.12 to add additional
systems of records that the Commission is exempting from certain provisions of the
Privacy Act, clearly identify those which it has previously exempted, remove current
Privacy Act regulation § 146.13 in favor of adding the exemptions for the Office of
Inspector General’s system of records to §146.12, and add more specificity regarding the
rationale for exempting each of the systems of records in order to better demonstrate the
Commission’s compliance with sections (j) and (k) of the Privacy Act12 and the

5 U.S.C. 552a(j) and (k).

corresponding guidance in OMB Circular A-108.13 Specifically, the Commission is
exempting the following systems of records:
1. CFTC-1 Enforcement Matter Register and Matter Indices (CFTC-1)
CFTC-1 contains an index and registry of enforcement investigations. The
Commission is exempting this system of records because the records are compiled for
law enforcement purposes and must be protected from disclosure in order to maintain the
integrity of the investigative process and not provide to any individual an opportunity to
access records and compromise that process, such as through the destruction of evidence,
interference with witnesses, or otherwise. In addition, the Commission is exempting this
system of records in order to keep confidential the identity of sources who provided
information to the Commission during the course of the investigation under an express
promise that their identities would remain confidential. If an individual can access the
identities of confidential sources, those sources may be unwilling to provide information
that the Commission needs for its law enforcement activities. Specifically, the
Commission is exempting CFTC-1, pursuant to section (k)(2) of the Privacy Act14 and
subject to the requirements and limitations set forth therein, from the following
provisions of the Privacy Act: 5 U.S.C. 552a (c)(3); (d)(1) through (4); (e)(1); (e)(4)(G)
through (I); and (f).
2. CFTC-10 Investigatory Records (CFTC-10)
CFTC-10 contains records compiled for law enforcement purposes, including
records developed during an investigation of violations or potential violations of the
Commodity Exchange Act (CEA or Act).15 The Commission is identifying this system of
records by its proper title and number, rather than as “Exempted Investigatory Records”

OMB A-108, available at https://www.whitehouse.gov/wpcontent/uploads/legacy_drupal_files/omb/circulars/A108/omb_circular_a-108.pdf, at
page 25.
14 5 U.S.C. 552a(k)(2).
15 7 U.S.C. 1 et seq.
as it was previously identified in the regulations, and setting forth the specific reasons for
which it is being exempted from particular provisions of the Privacy Act. To that end,
the Commission is exempting this system of records because the records must be
protected from disclosure in order to maintain the integrity of the investigative process
and not provide an individual an opportunity to access records and compromise that
process, such as through the destruction of evidence, interference with witnesses, or
otherwise. In addition, the Commission is exempting this system of records in order to
keep confidential the identity of sources who provided information to the Commission
during the course of the investigation under an express promise that their identities would
remain confidential. If an individual can access the identities of confidential sources,
those sources may be unwilling to provide information that the Commission needs for its
law enforcement activities. Specifically, the Commission is exempting CFTC-10,
pursuant to section (k)(2) of the Privacy Act16 and subject to the requirements and
limitations set forth therein, from the following provisions of the Privacy Act: 5 U.S.C.
552a (c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and (f).
3. CFTC-12 National Futures Association (NFA) Applications Suite System
(CFTC-12)
CFTC-12 contains records held by NFA on behalf of the Commission by
delegated authority to support the Commission’s registration and other regulatory
authority. These records include records pertaining to the fitness of individuals to be
registered with the Commission and engage in business activities that are subject to the
Commission’s jurisdiction and records pertaining to disciplinary or other adverse action
investigated or taken with respect to individual registrants. The Commission is
exempting this system of records because, to the extent the records pertaining to
individuals that NFA holds on behalf of the Commission are investigatory records

5 U.S.C. 552a(k)(2).

compiled for law enforcement purposes, they must be protected from disclosure in order
to maintain the integrity of the investigative process and not provide to any individual an
opportunity to access records and compromise that process, such as through the
destruction of evidence, interference with witnesses, or otherwise. In addition, the
Commission is exempting this system of records in order to keep confidential the identity
of sources who provided information to NFA acting on behalf of the Commission during
the course of the investigation under an express promise that their identities would
remain confidential. If an individual can access the identities of confidential sources,
those sources may be unwilling to provide information that the Commission needs for its
law enforcement activities. Specifically, the Commission is exempting CFTC-12,
pursuant to section (k)(2) of the Privacy Act17 and subject to the requirements and
limitations set forth therein, from the following provisions of the Privacy Act: 5 U.S.C.
552a (c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and (f).
4. CFTC-31 Closed Commission Meetings (CFTC-31)
CFTC-31 contains records about individuals who are the subject of discussion at
closed Commission meetings, including those who are the subject of investigations or
who are being considered for employment. The Commission is identifying this system of
records by its proper title and number rather than “Exempted Closed Commission
Meetings” as it was previously identified in the regulations and setting forth the specific
reasons for which it is being exempted from particular provisions of the Privacy Act. To
that end, to the extent the records in this system of records pertain to law enforcement
investigations, the Commission is exempting this system of records because the records
must be protected from disclosure in order to maintain the integrity of the investigative
process and not provide to any individual an opportunity to compromise that process,
such as through the destruction of evidence, interference with witnesses, or otherwise. In

5 U.S.C. 552a(k)(2).

addition, the Commission is exempting this system of records in order to keep
confidential the identity of sources who provided information to the Commission during
the course of the investigation under an express promise that their identities would
remain confidential. If an individual can access the identities of confidential sources,
those sources may be unwilling to provide information that the Commission needs for its
law enforcement activities. Finally, to the extent records in this system of records are
compiled solely for the purpose of determining the suitability, eligibility, or qualifications
of an individual who is being considered for employment with the Commission, the
Commission is exempting this system of records where the disclosure of records would
reveal the identity of somebody who provided information in the context of the
Commission’s determination and who had expressly requested that their identity remain
confidential. The Commission has determined that such an exemption is necessary in
order to obtain information relevant to its eligibility determinations. Accordingly, the
Commission is exempting CFTC-31, pursuant to sections (k)(2) and (5) of the Privacy
Act18 and subject to the requirements and limitations set forth therein, from the following
provisions of the Privacy Act: 5 U.S.C. 552a(c)(3); (d)(1) through (4); (e)(1); (e)(4)(G)
through (I); and (f).
5. CFTC-32 Office of the Inspector General Investigative Files (CFTC-32)
CFTC-32 contains records relevant to criminal and civil investigations conducted by
the Office of the Inspector General (OIG). This system of records was previously
included in the Commission regulation § 146.13 with exemptions promulgated pursuant
to sections (j)(2) and (k)(2) of the Privacy Act, the former for records related to the OIG’s
criminal law enforcement activities and the latter for investigatory records compiled for
law enforcement purposes not within the scope of section (j)(2). The Commission
concluded that a separate Privacy Act regulation § 146.13 for exemptions taken for this

5 U.S.C. 552a(k)(2) and (5), respectively.

OIG system of records is not required by the Privacy Act or OMB guidance.
Accordingly, the Commission, after consultation with the OIG, is removing current
Commission regulation § 146.13 and incorporating the exemptions for CFTC-32 into
Commission regulation § 146.12. Moreover, the Commission is setting forth the specific
reasons for which this system of records is being exempted from particular provisions of
the Privacy Act. To that end, the Commission is exempting this system of records
because the records must be protected from disclosure in order to maintain the integrity
of the investigative process and not provide to any individual an opportunity to access
records and compromise that process, such as through the destruction of evidence,
interference with witnesses, or otherwise. In addition, the Commission is exempting this
system of records in order to keep confidential the identity of sources who provided
information to the Commission during the course of the investigation under an express
promise that their identities would remain confidential. This is consistent with the
Inspector General Act of 1978, as amended, which prohibits disclosing the identities of
Federal employees who submit complaints or other information related to investigations
to the Office of the Inspector General.19
If an individual can access the identities of confidential sources, those sources may be
unwilling to provide information that the Commission needs for its law enforcement
activities, Federal employee and contractor witnesses may risk retaliation in the Federal
workplace, and any witness may risk witness interference tactics including threats,
harassment, and physical and emotional harm. Specifically, the Commission is
exempting this system of records, pursuant to section (j)(2) of the Privacy Act20 and
subject to the requirements and limitations set forth therein, from the following
provisions of the Privacy Act: 5 U.S.C. 552a(c)(3) and (4); (d)(1) through (4); (e)(1)

19
5 U.S.C. 407(b).
5 U.S.C. 552a(j)(2).

through (3), (e)(4)(G) through (I), (e)(5) and (8); (f); and (g). In addition, the
Commission is exempting this system of records, pursuant to section (k)(2) of the Privacy
Act21 and subject to the requirements and limitations set forth therein, from the following
provisions of the Privacy Act: 5 U.S.C. 552a(c)(3); (d)(1) through (4); (e)(1); (e)(4)(G)
through (I); and (f).
6. CFTC-44 Personnel Clearance System (CFTC-44)
CFTC-44 contains records related to the background investigations and security
clearances of individuals who have been or are being considered for access to
Commission facilities, information technology systems, and classified or confidential
information. These records may include statements from individuals who have provided
information in the course of a background investigation and have requested that their
identity remain confidential, and records that constitute investigatory materials compiled
for law enforcement purposes. The Commission is identifying this system of records by
its proper title and number, rather than as “Exempted Employee Background
Investigation Material” as it was previously identified in the regulations, and setting forth
the specific reasons for which it is being exempted from particular provisions of the
Privacy Act pursuant to both section (k)(2) and (5) of the Privacy Act. 22 To that end, to
the extent records in this system of records are compiled solely for the purpose of
determining an individual’s suitability, eligibility, or qualifications for employment with
the Commission, the Commission is explaining in Commission regulation § 146.12 that
this system of records is exempt where the disclosure of records would reveal the identity
of somebody who provided information in the context of the Commission’s
determination and who had expressly requested that their identity remain confidential in
order to maintain the promised confidentiality and enable the Commission to obtain

21
5 U.S.C. 552a(k)(2).
5 U.S.C. 552a(k)(2) and (5).

information relevant to its eligibility determinations. In addition, to the extent records in
this system of records pertain to law enforcement investigations, the Commission is
exempting this system of records because the records must be protected from disclosure
in order to maintain the integrity of the investigative process and not provide to any
individual the opportunity to compromise that process, such as through the destruction of
evidence, interference with witnesses, or otherwise. The Commission also is exempting
this system of records in order to keep confidential the identity of sources who provided
information to the Commission during the course of the investigation under an express
promise that their identities would remain confidential. If an individual can access the
identities of confidential sources, those sources may be unwilling to provide information
that the Commission needs for its law enforcement activities. Specifically, the
Commission is exempting this system of records, pursuant to sections (k)(2) and (5) of
the Privacy Act23 and subject to the requirements and limitations set forth therein, from
the following provisions of the Privacy Act: 5 U.S.C. 552a(c)(3); (d)(1) through (4);
(e)(1); (e)(4)(G) through (I); and (f).
7. CFTC-49 Whistleblower Records (CFTC-49)
CFTC-49 contains records related to whistleblower tips, complaints and referrals,
records related to investigations and inquiries into whistleblower complaints, and records
related to the whistleblower award claim and determination process. The Commission is
exempting this system of records because the records are compiled for law enforcement
purposes and must be protected from disclosure in order to maintain the integrity of the
whistleblower process and not provide to any individual an opportunity to access records
and compromise an investigation, such as through the destruction of evidence,
interference with witnesses, or otherwise. In addition, the Commission is exempting this
system of records in order to keep confidential the identity of sources who provided

5 U.S.C. 552a(k)(2) and (5).

information during the course of the investigation under an express promise that their
identities would remain confidential. If an individual can access the identities of
confidential sources, those sources may be unwilling to provide information that the
Commission needs to investigate whistleblower tips, complaints, and referrals.
Specifically, the Commission is exempting this system of records, pursuant to section
(k)(2) of the Privacy Act24 and subject to the requirements and limitations set forth
therein, from the following provisions of the Privacy Act: 5 U.S.C. 552a(c)(3); (d)(1)
through (4); (e)(1); (e)(4)(G) through (I); and (f).
V.

Related Matters
A. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) requires Federal agencies to consider

whether the rules they adopt will have a significant economic impact on a substantial
number of small entities and, if so, to provide a regulatory flexibility analysis regarding
the economic impact on those entities.25 This final rule provides additional specificity
regarding the systems of records that the Commission is exempting from the Privacy Act,
sets forth the reasons for those exemptions, and reorganizes the regulations for ease of
reference. These changes clarify the exemptions established under the Commission’s
regulations and do not impose any additional burden on individuals who may seek access
to records under the Privacy Act.
Moreover, the final rules will not impact small entities as defined under the RFA.
The modified regulations, issued under the Privacy Act, exempt certain systems of
records maintained by the Commission from certain provisions of the Privacy Act,
primarily those provisions related to an individual’s right to access and seek amendment
of those records. Individuals are defined in the Privacy Act as United States citizens or

24
5 U.S.C. 552a(k)(2).
5 U.S.C. 601 et seq.

aliens lawfully admitted to the United States for permanent residence.26 Small entities, as
defined in the RFA, are not individuals under the Privacy Act and are not provided rights
thereunder; therefore, the final rules do not impact small entities as defined under the
RFA. Accordingly, the Chairman, on behalf of the Commission, hereby certifies
pursuant to 5 U.S.C. 605(b), that this rule will not have a significant economic impact on
a substantial number of small entities.
B. Paperwork Reduction Act
The Paperwork Reduction Act (PRA) imposes certain requirements on Federal
agencies in connection with their conducting or sponsoring any collection of
information.27 The Commission may not conduct or sponsor, and a respondent is not
required to respond to, a request for collection of information unless the information
collection request displays a currently valid control number issued by OMB. This rule
does not contain a “collection of information,” as defined in the PRA. Accordingly, the
requirements imposed by the PRA are not applicable to this rule.
C. Cost-Benefit Considerations
Section 15(a) of the CEA provides that, before promulgating a regulation under
the CEA or issuing an order, the Commission shall consider the costs and benefits of the
action of the Commission.28 Section 15(a) further specifies that the costs and benefits
shall be evaluated in light of five broad areas of market and public concern: (1) protection
of market participants and the public; (2) efficiency, competitiveness, and financial
integrity of the futures markets; (3) price discovery; (4) sound risk management practices;
and (5) other public interest considerations.29 The modified rules are being promulgated
under the Privacy Act and pertain to the rights of individuals with respect to records the

5 U.S.C. 552a(a)(2).
5 U.S.C. 3501 et seq.
28 7 U.S.C. 19(a).
29 7 U.S.C. 19(a)(2).
26
Commission maintains about them. The modified rules are not being promulgated under
the CEA. Therefore, the Commission finds that the considerations enumerated in section
15(a)(2) of the CEA are not applicable here.
D. Antitrust Considerations
Section 15(b) of the CEA requires the Commission to “take into consideration the
public interest to be protected by the antitrust laws and endeavor to take the least
anticompetitive means of achieving the purposes of this Act, in issuing any order or
adopting any Commission rule or regulation (including any exemption under section 4(c)
or 4c(b)), or in requiring or approving any bylaw, rule, or regulation of a contract market
or registered futures association established pursuant to section 17 of this Act.”30
The Commission believes that the public interest to be protected by the antitrust
laws is generally to protect competition. The Commission requested comment on whether
the proposed rule implicates any other specific public interest to be protected by the
antitrust laws; the Commission received no comments in response to this request.
The Commission has considered the modified rule to determine whether it is
anticompetitive and has preliminarily identified no anticompetitive effects. The
Commission requested comment on whether the proposed rule is anticompetitive and, if
it is, what the anticompetitive effects are; the Commission received no comments in
response to this request.
Because the Commission has determined that the modified rule is not
anticompetitive and has no anticompetitive effects, the Commission has not identified
any less anticompetitive means of achieving the purposes of the Act. The Commission
requested comment on whether there are less anticompetitive means of achieving the
relevant purposes of the Act that would otherwise be served by adopting the proposed
rule; the Commission received no comments in response to this request.

7 U.S.C. 19(b).

List of Subjects in 17 CFR Part 146
Privacy.
For the reasons stated in the preamble, the Commodity Futures Trading
Commission amends 17 CFR part 146 as follows:
PART 146—RECORDS MAINTAINED ON INDIVIDUALS
1. The authority citation for part 146 continues to read as follows:
Authority: 88 Stat. 1896 (5 U.S.C. 552a), as amended; 88 Stat. 1389 (7 U.S.C.
4a(j)).
2. Revise § 146.12 to read as follows:
§ 146.12 Exemptions.
The Commission is exempting from certain provisions of the Privacy Act the
systems of records set forth in this section. In addition, when these systems of records
and any other of the Commission’s systems of records maintain a record received from
another system of records that is exempted from one or more provisions of the Privacy
Act, the Commission will claim the same exemptions for that record that are claimed for
the system of records from which it originated.
(a) CFTC-1 Enforcement Matter Register and Matter Indices. The system of
records identified as CFTC-1 Enforcement Matter Register and Matter Indices contains
an index and registry of enforcement investigations. Pursuant to 5 U.S.C. 552a(k)(2) and
subject to the requirements and limitations set forth therein, the Commission is
exempting this system of records from the following provisions of the Privacy Act: 5
U.S.C. 552a(c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and (f), and from the
following corresponding sections of these rules: §§ 146.3; 146.5; 146.6(d); 146.11(a)(7)
through (9); and 146.7(a). Exemptions from these particular sections of the Privacy Act
and CFTC’s rules promulgated thereunder are justified for the following reasons:

(1) From section (c)(3) (Accounting of Certain Disclosures), because release of
the accounting of certain disclosures could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and the recipient entity. Release of such information to the subject of an
investigation could reasonably be anticipated to impede and interfere with the
Commission’s efforts to identify and investigate unlawful activities.
(2) From sections (d)(1) through (4) (Access and Amendment), because
individual access to these records could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and others. Providing a subject with access to these records could impair
the effectiveness of the Commission’s investigations and could significantly impede the
investigation by providing the opportunity for the subject to destroy documentary
evidence, improperly influence witnesses and confidential sources, fabricate testimony,
and engage in other activities that could compromise the investigation. In addition,
providing an individual with access to these records may reveal the identity of a source
who furnished information under an express promise that their identity would remain
confidential. Allowing the subject of the investigation to amend records in this system of
records could likewise interfere with ongoing law enforcement proceedings and impose
an impossible administrative burden by requiring law enforcement investigations to be
continuously reinvestigated.
(3) From section (e)(1) (Relevancy and Necessity of Information), because in the
course of investigations into potential violations of law, the significance of certain
information may not be clear or the information may not be strictly relevant or necessary
to a specific investigation; but, effective law enforcement requires the retention of all
information that may aid in establishing patterns of unlawful activity and providing
investigative leads.

(4) From section (e)(4)(G) through (I) (Agency Requirements), and (f) (Agency
Rules), because the Commission is not required to establish requirements, rules, or
procedures related to access and amendment of records in a system of records that is
exempt from the individual access and amendment provisions in section (d) of the
Privacy Act.
(b) CFTC-10 Investigatory Records. The system of records identified as CFTC-10
Investigatory Records contains records compiled for law enforcement purposes, including
records developed during an investigation of violations or potential violations of the
CEA. Pursuant to 5 U.S.C. 552a(k)(2) and subject to the requirements and limitations set
forth therein, the Commission is exempting this system of records from the following
provisions of the Privacy Act: 5 U.S.C. 552a (c)(3); (d)(1) through (4); (e)(1); (e)(4)(G)
through (I); and (f), and from the following corresponding sections of these rules: §§
146.3; 146.5; 146.6(d); 146.11(a)(7) through (9); and 146.7(a). Exemptions from these
particular sections of the Privacy Act and CFTC’s rules promulgated thereunder are
justified for the following reasons:
(1) From section (c)(3) (Accounting of Certain Disclosures), because release of
the accounting of certain disclosures could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and the recipient entity. Release of such information to the subject of an
investigation could reasonably be anticipated to impede and interfere with the
Commission’s efforts to identify and investigate unlawful activities.
(2) From sections (d)(1) through (4) (Access and Amendment), because
individual access to these records could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and others. Providing a subject with access to these records could impair
the effectiveness of the Commission’s investigations and could significantly impede the

investigation by providing the opportunity for the subject to destroy documentary
evidence, improperly influence witnesses and confidential sources, fabricate testimony,
and engage in other activities that could compromise the investigation. In addition,
providing an individual with access to these records may reveal the identity of a source
who furnished information under an express promise that their identity would remain
confidential. Allowing the subject of the investigation to amend records in this system of
records could likewise interfere with ongoing law enforcement proceedings and impose
an impossible administrative burden by requiring law enforcement investigations to be
continuously reinvestigated.
(3) From section (e)(1) (Relevancy and Necessity of Information), because in the
course of investigations into potential violations of law, the significance of certain
information may not be clear or the information may not be strictly relevant or necessary
to a specific investigation; but, effective law enforcement requires the retention of all
information that may aid in establishing patterns of unlawful activity and providing
investigative leads.
(4) From sections (e)(4)(G) through (I) (Agency Requirements), and (f) (Agency
Rules), because the Commission is not required to establish requirements, rules, or
procedures related to access and amendment of records in a system of records that is
exempt from the individual access and amendment provisions in section (d) of the
Privacy Act.
(c) CFTC-12 National Futures Association (NFA) Applications Suite System. The
system of records identified as CFTC-12 National Futures Association (NFA)
Applications Suite System contains records held by NFA on behalf of the Commission,
by delegated authority to support the Commission’s registration and other regulatory
authority. These records include records pertaining to the fitness of individuals to be
registered with the Commission and engage in business activities that are subject to the

Commission’s jurisdiction and records pertaining to disciplinary or other adverse action
investigated or taken with respect to individual registrants. Pursuant to 5 U.S.C.
552a(k)(2) and subject to the requirements and limitations set forth therein, the
Commission is exempting this system of records from the following provisions of the
Privacy Act: 5 U.S.C. 552a(c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and (f),
and from the following corresponding sections of these rules: §§ 146.3; 146.5; 146.6(d);
146,11(a)(7) through (9); and 146.7(a). Exemptions from these particular sections of the
Privacy Act are justified for the following reasons:
(1) From section (c)(3) (Accounting of Certain Disclosures), because release of
accountings of certain disclosures could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and the recipient entity. Release of such information to the subject of an
investigation could reasonably be anticipated to impede and interfere with the
Commission’s efforts to identify and investigate unlawful activities.
(2) From sections (d)(1) through (4) (Access and Amendment), because
individual access to these records could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and others. Providing a subject with access to these records could impair
the effectiveness of the Commission’s investigations and could significantly impede the
investigation by providing the opportunity for the subject to destroy documentary
evidence, improperly influence witnesses and confidential sources, fabricate testimony,
and engage in other activities that could compromise the investigation. In addition,
providing an individual with access to these records may reveal the identity of a source
who furnished information under an express promise that their identity would remain
confidential. Allowing the subject of the investigation to amend records in this system of
records could likewise interfere with ongoing law enforcement proceedings and impose

an impossible administrative burden by requiring law enforcement investigations to be
continuously reinvestigated.
(3) From section (e)(1) (Relevancy and Necessity of Information), because in the
course of investigations into potential violations of law, the significance of certain
information may not be clear or the information may not be strictly relevant or necessary
to a specific investigation; but, effective law enforcement requires the retention of all
information that may aid in establishing patterns of unlawful activity and providing
investigative leads.
(4) From sections (e)(4)(G) through (I) (Agency Requirements), and (f) (Agency
Rules), because the Commission is not required to establish requirements, rules, or
procedures related to access and amendment of records in a system of records that is
exempt from the individual access and amendment provisions in section (d) of the
Privacy Act.
(d) CFTC-31 Closed Commission Meetings. The system of records identified as
CFTC-31 Closed Commission Meetings contains records about individuals who are the
subject of discussion at closed Commission meetings, including those who are the subject
of investigations or who are being considered for employment. These records may
include statements from individuals who have provided information in the course of an
applicant’s or employee’s background investigation or other Commission investigation
and who have requested that their identities remain confidential. Pursuant to 5 U.S.C.
552a(k)(2) and (5) and subject to the requirements and limitations set forth therein, the
Commission is exempting this system of records from the following provisions of the
Privacy Act: 5 U.S.C. 552a(c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and (f),
and from the following corresponding sections of these rules: §§ 146.3; 146.5; 146.6(d);
146.11(a)(7) through (9); and 146.7(a). Exemptions from these particular sections of the
Privacy Act are justified for the following reasons:

(1) From section (c)(3) (Accounting of Certain Disclosures), because release of
the accounting of certain disclosures could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and the recipient entity. Release of such information to the subject of an
investigation could reasonably be anticipated to impede and interfere with the
Commission’s efforts to identify and investigate unlawful activities.
(2) From sections (d)(1) through (4) (Access and Amendment), because
individual access to these records could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and others. Providing a subject with access to these records could impair
the effectiveness of the Commission’s investigations and could significantly impede the
investigation by providing the opportunity for the subject to destroy documentary
evidence, improperly influence witnesses and confidential sources, fabricate testimony,
and engage in other activities that could compromise the investigation. In addition,
providing an individual with access to these records may reveal the identity of a source
who furnished information under an express promise that their identity would remain
confidential. Allowing the subject of the investigation to amend records in this system of
records could likewise interfere with ongoing law enforcement proceedings and impose
an impossible administrative burden by requiring law enforcement investigations to be
continuously reinvestigated.
(3) From section (e)(1) (Relevancy and Necessity of Information), because in the
course of investigations into potential violations of law, the significance of certain
information may not be clear or the information may not be strictly relevant or necessary
to a specific investigation; but, effective law enforcement requires the retention of all
information that may aid in establishing patterns of unlawful activity and providing
investigative leads.

(4) From section (e)(4)(G) through (I) (Agency Requirements), and (f) (Agency
Rules), because the Commission is not required to establish requirements, rules, or
procedures related to access and amendment of records in a system of records that is
exempt from the individual access and amendment provisions in section (d) of the
Privacy Act.
(e) CFTC-32, Office of the Inspector General Investigative Files. The system of
records identified as CFTC-32 Office of the Inspector General Investigative Files
contains records relevant to criminal and civil investigations conducted by the Office of
the Inspector General, including records about individuals being investigated for
fraudulent and abusive activities. Pursuant to 5 U.S.C. 552a(j)(2) and subject to the
requirements and limitations set forth therein, the Commission is exempting this system
of records from the following provisions of the Privacy Act: 5 U.S.C. 552a(c)(3) and (4);
(d)(1) through (4); (e)(1) through (3), (e)(4)(G) through (I), and (e)(5) and (8); (f); and
(g), and from the following corresponding sections of these rules: §§ 146.3; 146.4; 146.5;
146.6(b), (d), and (e); 146.7(a), (c), and (d); 146.8; 146.9; 146.10; and 146.11(a)(7)
through (9). In addition, pursuant to 5 U.S.C. 552a(k)(2) and subject to the requirements
and limitations set forth therein, the Commission is exempting this system of records
from the following provisions of the Privacy Act: 5 U.S.C. 552a (c)(3); (d)(1) through
(4); (e)(1); (e)(4)(G) through (I); and (f), and from the following corresponding sections
of these rules: §§ 146.3; 146.5; 146.6(d); 146.11(a)(7) through (9); and 146.7(a).
Exemptions from these particular sections of the Privacy Act are justified for the
following reasons:
(1) From section (c)(3) (Accounting of Certain Disclosures), because release of
the accounting of certain disclosures could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and the recipient entity. Release of such information to the subject of an

investigation could reasonably be anticipated to impede and interfere with the
Commission’s efforts to identify and investigate unlawful activities.
(2) From section (c)(4) (Notice of Correction), because this system is exempt
from the access and amendment provisions of section (d), as noted below.
(3) From sections (d)(1) through (4) (Access and Amendment), because
individual access to these records could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and others. Providing a subject with access to these records could impair
the effectiveness of the Commission’s investigations and could significantly impede the
investigation by providing the opportunity for the subject to destroy documentary
evidence, improperly influence witnesses and confidential sources, fabricate testimony,
and engage in other activities that could compromise the investigation. In addition,
providing an individual with access to these records may reveal the identity of a source
who furnished information under an express promise that their identity would remain
confidential. Allowing the subject of the investigation to amend records in this system of
records could likewise interfere with ongoing law enforcement proceedings and impose
an impossible administrative burden by requiring law enforcement investigations to be
continuously reinvestigated.
(4) From section (e)(1) (Relevancy and Necessity of Information) and (5)
(Accuracy, Timeliness, Relevance, and Completeness), because in the course of
investigations into potential violations of law, the significance of certain information may
not be clear or the information may not be strictly relevant or necessary to a specific
investigation; but, effective law enforcement requires the retention of all information that
may aid in establishing patterns of unlawful activity and providing investigative leads.
(5) From section (e)(2) (Collect from Individual), because in a law enforcement
investigation the requirement that information be collected to the greatest extent possible

from the subject individual would present a serious impediment to law enforcement, in
that the subject of the investigation would be informed of the existence of the
investigation and would therefore be able to avoid detection, apprehension, or legal
obligations or duties.
(6) From section (e)(3) (Privacy Act Statement), because to comply with the
requirements of this section during the course of an investigation could impede the
information gathering process and hamper the investigation.
(7) From sections (e)(4)(G) through (I) (Agency Requirements), and (f) (Agency
Rules), because the Commission is not required to establish requirements, rules, or
procedures related to access and amendment of records in a system of records that is
exempt from the individual access and amendment provisions in section (d) of the
Privacy Act.
(8) From section (e)(8) (Serve Notice), because the application of this provision
could prematurely reveal an ongoing criminal investigation to the subject of the
investigation, present a serious impediment to law enforcement by interfering with the
ability to issue subpoenas or otherwise gather information, and reveal investigative
techniques, procedures, or evidence.
(9) From section (g) (Civil Remedies), because this system of records is exempt
from the individual access and amendment provisions in section (d) of the Privacy Act
for the reasons stated in paragraph (e)(3) of this section; therefore, the Commission is not
subject to civil action for failure to adhere to those requirements.
(f) CFTC-44 Personnel Clearance System. The system of records identified as
CFTC-44 Personnel Clearance System contains records related to the background
investigations and security clearances of individuals who have been or are being
considered for access to Commission facilities, information technology systems, and
classified or confidential information. These records may include statements from

individuals who have provided information in the course of a background investigation
and have requested that their identity remain confidential. Pursuant to 5 U.S.C.
552a(k)(2) and (5) and subject to the requirements and limitations set forth therein, the
Commission is exempting this system of records from the following provisions of the
Privacy Act: 5 U.S.C. 552a(c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and (f),
and from the following corresponding sections of these rules: §§ 146.3; 146.5; 146.6(d);
146.11(a)(7) through (9); and 146.7(a). Exemptions from these particular sections of the
Privacy Act are justified for the following reasons:
(1) From sections (c)(3) (Accounting of Certain Disclosures), because release of
the accounting of certain disclosures could alert the subject of an investigation to the
extent of that investigation and reveal investigative interests of the Commission and the
recipient entity that were previously unknown to the individual. Release of such
information to the subject of an investigation could reasonably be anticipated to impede
and interfere with the Commission’s efforts to adequately assess an individual when
making a decision about the individual’s access to Commission facilities, information
technology systems, and classified and confidential information.
(2) From sections (d)(1) through (4) (Access and Amendment), because the
records contained in this system may be related to ongoing investigations, and individual
access to these records could alert the subject of an investigation to the extent of that
investigation and reveal investigative interests of the Commission and others that were
previously unknown to the individual. Providing a subject with access to these records
could impair the effectiveness of the Commission’s investigations and could significantly
impede the investigation by providing the opportunity for the subject to destroy
documentary evidence, improperly influence witnesses and confidential sources, fabricate
testimony, and engage in other activities that could compromise the investigation. In
addition, providing an individual with access to these records may reveal the identity of a

source who furnished information under an express promise that their identity would
remain confidential. Amendment of the records in this system of records would interfere
with ongoing law enforcement proceedings and impose an impossible administrative
burden by requiring law enforcement investigations to be continuously reinvestigated.
(3) From section (e)(1) (Relevancy and Necessity of Information), because in the
course of conducting and adjudicating background investigations, the significance of
certain information may not be clear or the information may not be strictly relevant or
necessary to a specific investigation; but, effective investigations require the retention of
all information that may aid in the investigation and provide investigative leads.
(4) From sections (e)(4)(G) through (I) (Agency Requirements), and (f) (Agency
Rules), because the Commission is not required to establish requirements, rules, or
procedures related to access and amendment of records in a system of records that is
exempt from the individual access and amendment provisions in section (d) of the
Privacy Act.
(g) CFTC-49 Whistleblower Records. The system of records identified as CFTC49 Whistleblower Records contains records related to whistleblower tips, complaints and
referrals, records related to investigations and inquiries into whistleblower complaints,
and records related to the whistleblower award claim and determination process. Pursuant
to 5 U.S.C. 552a(k)(2) and subject to the requirements and limitations set forth therein,
the Commission is exempting this system of records from the following provisions of the
Privacy Act: 5 U.S.C. 552a (c)(3); (d)(1) through (4); (e)(1); (e)(4)(G) through (I); and
(f), and from the following corresponding sections of these rules: §§ 146.3; 146.5;
146.6(d); 146.11(a) through (9); and 146.7(a). Exemptions from these particular sections
of the Privacy Act are justified for the following reasons:
(1) From section (c)(3) (Accounting of Certain Disclosures), because release of
the accounting of certain disclosures could alert the subject of an investigation to the

existence and extent of that investigation and reveal the investigative interests of the
Commission and the recipient entity. Release of such information to the subject of an
investigation could reasonably be anticipated to impede and interfere with the
Commission’s efforts to identify and investigate unlawful activities.
(2) From sections (d)(1) through (4) (Access and Amendment), because
individual access to these records could alert the subject of an investigation to the
existence and extent of that investigation and reveal the investigative interests of the
Commission and others. Providing a subject with access to these records could impair
the effectiveness of the Commission’s investigations and could significantly impede the
investigation by providing the opportunity for the subject to destroy documentary
evidence, improperly influence witnesses and confidential sources, fabricate testimony,
and engage in other activities that could compromise the investigation. Allowing the
subject of the investigation to amend records in this system of records could likewise
interfere with ongoing law enforcement proceedings and impose an impossible
administrative burden by requiring law enforcement investigations to be continuously
reinvestigated.
(3) From section (e)(1) (Relevancy and Necessity of Information), because in the
course of investigations, the significance of certain information may not be clear or the
information may not be strictly relevant or necessary to a specific investigation; but,
effective investigations require the retention of all information that may aid in the
investigation or aid in establishing patterns of activity and provide investigative leads.
(4) From sections (e)(4)(G) through (I) (Agency Requirements) and (f) (Agency
Rules), because the Commission is not required to establish requirements, rules, or
procedures related to access and amendment of records in a system of records that is
exempt from the individual access and amendment provisions in section (d) of the
Privacy Act.

§ 146.13 [Removed]
3. Remove § 146.13.
Issued in Washington, DC on June 5, 2024, by the Commission.
Robert Sidman,
Deputy Secretary of the Commission.
Note: The following appendix will not appear in the Code of Federal Regulations.
Appendix to Privacy Act Regulations —Voting Summary
Appendix 1—Voting Summary
On this matter, Chairman Behnam and Commissioners Johnson, and Goldsmith
Romero, Mersinger, and Pham voted in the affirmative. No Commissioner voted in the
negative.

[FR Doc. 2024-12685 Filed: 6/14/2024 8:45 am; Publication Date: 6/17/2024]