CFTC Issues No-Action Relief Extending Compliance Date for Amended Rules 4.5 and 4.13(a)(4) to December 31,2012

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Today, the CFTC Division of Swap Dealer and Intermediary Oversight (Division) issued a no-action letter permitting unregistered commodity pool operators (CPOs) to launch: (i) new investment companies registered under the Investment Company Act of 1940 (mutual funds) in reliance on the Rule 4.5 CPO exclusion, without regard to the new trading and marketing tests; and (ii) new private funds in reliance on the Rule 4.13(a)(4) exemption, in each case until December 31, 2012.

¦ On February 24, 2012 the CFTC published substantial changes to its Part 4 rules affecting mutual funds and private funds trading commodity interests...

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Published In: Administrative Agency Updates, Business Organization Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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