The Commodity Futures Trading Commission would like to review the trading software developed by secretive hedge fund Renaissance Technologies, reports the New York Post.

The $65 billion hedge fund operated by James Simons and Robert Mercer has declined the regulators requested due to the concerns that the proprietary code might be leaked, reportedly said James Rowan, COO of the Renaissance Technology.

Such a request is one of the cornerstones of the CFTC’s Regulation AT, which the industry continues to push against.

In a comment letter submitted regarding supplemental proposed rulemaking on Regulation AT, Walt Lukken, president and CEO of the Futures Industry Association, on behalf of his organization as well as FIA Principal Traders Group vehemently opposed the CFTC’s proposal that would make Algorithmic Trading Source Code available upon request for inspection by any representative of the Commission or the Department of Justice.

“The Supplemental NPRM seeks to address our concerns, and the concerns of many other commenters, by proposing that algorithmic trading source code may be requested by means of a special call authorized by the Commission or by subpoena,” he wrote. “Although we appreciate the Commission’s efforts to offer additional safeguards against unnecessary demands for disclosure of intellectual property, the Enhanced Special Call process does not provide the protections available to market participants when a subpoena is required.”