On February 9, the Commodity Futures Trading Commission (CFTC) adopted amendments (Final Rules) to its regulations governing the registration of commodity pool operators (CPOs) and the compliance obligations of CPOs and commodity trading advisors (CTAs).1 As a result, advisers to investment companies that are registered with the Securities and Exchange Commission (SEC) pursuant to the Investment Company Act of 1940 (registered investment companies), among others, will now be required to (1) register with the CFTC as CPOs and (2) comply with the myriad of CFTC regulations applicable to CPOs.
Also on February 9, the CFTC proposed to harmonize certain CFTC regulations with SEC regulations (the Proposed Harmonization Rules). These rules were proposed to address issues faced by entities that are subject to CFTC and SEC regulation and oversight, so-called dual registrants, in trying to comply with conflicting and potentially duplicative regulatory requirements. The Proposed Harmonization Rules would afford exemptive relief from certain compliance obligations for CPOs, to the extent that they apply to registered investment companies and their advisers that are affected by the Final Rules, and amend certain CFTC regulations that apply to CPOs and CTAs generally.
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