Recent CFTC/NFA Regulatory Actions Affecting Commodity Pool Operators and Commodity Trading Advisors

K&L Gates LLP
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During August 2016, the Commodity Futures Trading Commission (“CFTC” or “Commission”) and National Futures Association (“NFA”) published several items that will affect commodity pool operators (“CPO”) and commodity trading advisors (“CTA”). These actions (1) propose to codify previous staff letters regarding (a) CPO annual reports and (b) conditions that apply to exemptions from registration as a CPO and CTA under the U.S. Commodity Exchange Act (“CEA”) for persons located outside the United States, (2) preserve the status quo regarding treatment of cross-border swaps, (3) provide guidance regarding how upcoming changes in the regulation of money market funds (“MMF”) by the Securities and Exchange Commission (“SEC”) will affect the ability of derivatives clearing organizations (“DCO”) and futures commission merchants (“FCM”) to use MMFs as permissible investments of their own and customer funds, and (4) propose changes to the CFTC’s whistleblower regulations. NFA has also announced certain actions that will affect CPOs and CTAs.

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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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