H.R. 9128: CFTC Protection of Information and Data Act of 2026

This bill, titled the CFTC Protection of Information and Data Act of 2026, seeks to amend the Commodity Exchange Act of 1936 to enhance the protection of certain information handled by the Commodity Futures Trading Commission (CFTC). The primary aims of the bill include the following:

1. Disclosure Authority

The bill revises how the CFTC may disclose information about traders and commodity transactions:

• Previously Disclosed Information: The CFTC can make public information that has already been disclosed, including the names and addresses of traders and details about the amount of commodities they have bought or sold.
• Congressional Access: If requested by a congressional committee, the CFTC must provide information about traders and their commodity transactions.
• Federal Government Requests: The CFTC can share information with U.S. government departments or agencies upon their request, but the information shared cannot be disclosed publicly by those entities except in legal proceedings.
• State Government Requests: Similar provisions apply for state departments and agencies, allowing them to access information with specific disclosure restrictions.
• Foreign Government Requests: The CFTC can also provide information to foreign authorities upon their request, with assurances that the information will not be publicly disclosed except in legal contexts.

2. Protection of Privileged Information

The bill introduces rules about how the CFTC handles privileged information, such as:

• Definition of Privilege: The term "privilege" includes various legal protections, like attorney-client privilege.
• No Waiver of Privilege: If the CFTC shares privileged information with other authorities, it does not lose its privileged status.
• Nondisclosure of Privileged Information: The CFTC cannot be forced to disclose privileged information obtained from foreign authorities unless specific conditions are met.
• Exceptions for Disclosure: While the CFTC can protect certain privileged information, it must not withhold information from Congress or ignore court orders.

3. Redesignation of Sections

The bill also involves organizational changes within the text of the Commodity Exchange Act, redesignating certain sections for clarity.

Overall, this legislation is aimed at balancing transparency in trading activities while protecting sensitive information handled by the CFTC.

Relevant Companies

• CME Group (CME): As a major player in the commodities market, CME Group might be impacted by changes in disclosure rules and how information is managed by the CFTC.
• Intercontinental Exchange (ICE): Similar to CME Group, any modifications in trader information handling by the CFTC could directly influence operational practices.