On November 29, 2012, the Commodity Futures Trading Commission (the “CFTC”) released a blanket No-Action Letter providing relief from registration as a Commodity Pool Operator (“CPO”) to family offices that qualify for the Family Office Exemption created under the Dodd-Frank Act, modifying the Investment Advisers Act of 1940 (the “IAA”). This relief stems from the recent CFTC decision to rescind the CPO exemption in the Commodities Exchange Act that most family offices currently rely on to avoid registration. Without the exemption, family offices investing in mutual funds or hedge funds owning commodities could be required to register as a CPO by December 31, 2012.