CFTC gets new power to lock down market data from other regulators
H.R. 8125 — CFTC Proprietary Information Act of 2026 · Filed by David Rouzer (R-NC) · 1 cosponsor · Introduced Mar 26, 2026 · Referred to committee
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What it does
This bill amends the Commodity Exchange Act to require the CFTC to adopt rules protecting proprietary information submitted to it by regulated entities. The rules must address when the CFTC requests such information, how to safeguard it based on sensitivity level, who can access it, and how to prevent unlawful disclosure. When sharing proprietary information with other government agencies, the CFTC must ensure those agencies maintain equivalent safeguards.
Why we flagged it
The bill's operative mechanism is to mandate CFTC rulemaking that protects and restricts access to proprietary information submitted by regulated entities. While framed as a procedural safeguard, the functional effect is to create heightened confidentiality barriers around business data held by the regulator.
What the text implies
- Heightened confidentiality rules may reduce CFTC's ability to share market surveillance data with other regulators (SEC, Federal Reserve, Treasury) in real time, potentially slowing detection of systemic risks or coordinated market manipulation.
- The bill does not define 'proprietary information' — the CFTC will define it through rulemaking, creating risk that the agency may classify routine regulatory filings or market data as proprietary and restrict public access.
The full analysis lists 4 implications of this text.
Who stands to gain
derivatives market participants (futures exchanges, swap dealers, large traders); proprietary trading firms; hedge funds and asset managers subject to CFTC reporting