Client Alert

The Commodity Futures Trading Commission (the “CFTC”) recently issued final rule changes:

  • narrowing the exclusion from the definition of commodity pool operator (“CPO”) available to mutual funds and other registered investment companies (“RICs”) and their advisers;
  • eliminating an exemption from CPO registration available to private fund operators (but keeping another exemption that had also been proposed to be eliminated);
  • narrowing and rescinding certain exemptions from commodity trading advisor (“CTA”) registration;
  • adding certain risk disclosure statements for CPOs and CTAs with respect to swaps; and
  • making certain changes to reporting and certification obligations for entities required to register as CPOs and
  • CTAs and entities relying on exclusions and exemptions from registration. 

Most of the rule changes become effective either 60 days following publication in the Federal Register or December 31, 2012 (with certain rules not becoming effective until the CFTC adopts final rules to define “swap”). In a separate release the CFTC proposed relief from several regulatory requirements for CPOs to RICs that will now be required to register with the CFTC in an effort to harmonize rulemaking with federal securities regulation. 

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