I. Introduction -

A. Issues Covered in the No-Action Letter -

On December 7, 2012, the US Commodity Futures Trading Commission’s (“CFTC”) Division of Swap Dealer and Intermediary Oversight (the “Division”) issued a no-action letter, number 12-45 (the “12-45 No-Action Letter”),1 providing (1) further interpretations regarding when exclusions from commodity pool regulation is appropriate, (2) no-action relief for operators of certain securitization vehicles formed prior to October 12, 2012, from failure to register as a CPO and (3) temporary no-action relief for certain securitization vehicles that may not otherwise rely on the no-action relief granted by the 12-14 No-Action Letter or the 12-45 No-Action Letter from failure to register as a CPO until March 31, 2013.

B. Background -

The CFTC issued a no-action letter, number 12-14, dated October 12, 2012 (the “12-14 No-Action Letter”), which excluded certain securitization vehicles from the definition of “commodity pool” under Section 1a(10) of the Commodity Exchange Act (the “CEA”) and under Section 4.10(d) of the general regulations promulgated under the CEA (the “CFTC Regulations”), and, thus, also from commodity pool regulations, including commodity pool operator (“CPO”) registration requirements, provided such securitization vehicles met the following non-exclusive conditions (the “12-14 Conditions”)...

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