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...