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June 1, 2001 The CFTC announced that hedge funds organized as commodity pool operators will have until March 31, 2002, to comply with the CFTC's new privacy rules. However, any hedge fund that is not registered with the CFTC must comply with the privacy rules of the Federal Trade Commission (FTC) by July 1, 2001. While hedge funds are not subject to the SEC privacy rules (which also have a July 1, 2001 compliance deadline), they apparently are subject to FTC privacy rules. In the 1999 Gramm-Leach-Bliley Act, Congress required federal agencies that regulated financial institutions to adopt rules requiring financial institutions to disclose their policies on the sharing of nonpublic personal information about their customers to third parties. See http://www.mfainfo.org/ and click "CFTC Hedge Fund Privacy Letter" for a copy of the letter delaying the compliance date of the privacy rules. |
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