News & Analysis as of

Commodities Futures Trading Commission Commodity Exchange Act (CEA) Commodity Trading Advisors (CTAs)

The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from... more +
The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from fraud, abuse, and systemic risk associated with derivatives subject to the Commodities Exchange Act. In 2010, as a result of the Frank-Dodd Wall Street Reform and Consumer Protection, the Commission’s role was expanded to include drafting rules for regulating the swaps marketplace. less -
Katten Muchin Rosenman LLP

So Who Does Need to Register as a SEF?

In September 2021 CFTC staff issued an advisory (Letter 21-19) “reminding entities” of SEF registration requirements. The “entities” specifically in scope of the reminder, per that advisory, were those: (1) facilitating...more

Katten Muchin Rosenman LLP

Holders of DAO Governance Tokens Beware: According to the CFTC, Voting May Be Hazardous to Your Well-Being

Natural persons and legal entities are potentially jointly and severally liable for all of a decentralized autonomous organization's (DAO) violations of the Commodity Exchange Act (CEA) and Commodity Futures Trading...more

Kilpatrick

New CFTC Rules Taking Effect: Investment Advisers to Registered Investment Companies (RICs) Must Claim the Rule 4.5 CPO Exclusion...

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On December 10, 2019, the Commodity and Futures Trading Commission (“CFTC”) published amendments to the rules governing Commodity Pool Operators (“CPOs”) and Commodity Trading Advisers (“CTAs”) (the “New Rules"). Among other...more

Dechert LLP

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Private Funds - February 2020

Dechert LLP on

The U.S. federal securities laws, the Commodity Exchange Act and regulations thereunder, and certain other applicable federal laws, rules and regulations, as well as rules of U.S. self-regulatory organizations (such as the...more

Jones Day

CFTC Enforcement Priorities: Commodity Trading Advisory Services in Energy and Other Areas Under Scrutiny

Jones Day on

The Situation: Recent enforcement actions and settlements by the U.S. Commodity Futures Trading Commission ("CFTC," or the "Commission") demonstrate that the Commission views registration violations as an enforcement...more

White & Case LLP

CFTC Jurisdiction Over Cryptocurrency – Implications for Industry Participants

White & Case LLP on

On October 10, 2019, CFTC Chairman Heath Tarbert commented on Ether’s status as a commodity: “We’ve been very clear on bitcoin: bitcoin is a commodity under the Commodity Exchange Act. We haven’t said anything about Ether –...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Proposes to Codify Existing Staff-Issued Relief from Registration and Other Compliance Requirements for CPOs and CTAs

• CPOs and CTAs of offshore commodity pools, family offices and business development companies would be exempt from registering with the CFTC. • Certain registered CPOs and CTAs would not be required to file Form CPO-PQR...more

Latham & Watkins LLP

Effective October 31, 2018: New NFA Virtual Currency Disclosure Requirements

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The NFA will soon require CPO, CTA, FCM, and IB member firms to provide various disclosures warning investors of virtual currency spot and derivatives trading risks. New disclosure requirements warning customers,...more

Dechert LLP

Federal Court Ruling Recognizes CFTC Jurisdiction over Cryptocurrencies as Commodities

Dechert LLP on

The U.S. Commodity Futures Trading Commission (CFTC) scored a victory in its effort to assert jurisdiction over portions of the cryptocurrency and initial coin offering (ICO) markets last week, as a federal district judge...more

Dechert LLP

Financial Services Quarterly Report - Second Quarter 2017: U.S. CFTC Takes Steps to Modernize Rules and Operations and to Reduce...

Dechert LLP on

Against a backdrop of changing markets, rapidly evolving technology and increased jurisdiction, the U.S. Commodity Futures Trading Commission (CFTC) – the regulatory agency with responsibility for oversight of the U.S....more

Broker-Dealer Compliance + Regulation

CFTC Requires Introducing Brokers, Commodity Pool Operators, and Most Commodity Trading Advisors That Use Swaps to Become Members...

On September 14, 2015, the Commodity Futures Trading Commission (CFTC) published a final rule requiring introducing brokers (IBs), commodity pool operators (CPOs), and most commodity trading advisors (CTAs) to become members...more

Eversheds Sutherland (US) LLP

CFTC Fines Summit Energy Services, Inc. for Violating CTA Registration Rules Under the Commodity Exchange Act

On January 16, the Commodity Futures Trading Commission (CFTC) issued a settlement order requiring Summit Energy Services, Inc. (Summit Energy) to pay a $140,000 civil monetary penalty for acting as an unregistered commodity...more

Troutman Pepper

U.S. District Court Rebuffs ICI Challenge To CFTC Rule 4.5 Amendments

Troutman Pepper on

On December 12, 2012, the U.S. District Court for the District of Columbia released its decision in Investment Company Institute v. U.S. Commodity Futures Trading Commission, rebuffing the Investment Company Institute (ICI)’s...more

Katten Muchin Rosenman LLP

CFTC Approves Conforming Amendments for CPO and CTA Regulations

On September 5, the Commodity Futures Trading Commission published final conforming amendments to Part 4 of its regulations, which govern the operations and activities of CPOs and CTAs. These amendments reflect changes made...more

Orrick - Finance 20/20

New CFTC Regulatory Regime for Private Fund Managers

Orrick - Finance 20/20 on

On April 24, the U.S. CFTC repealed the exemption from registration under the U.S. Commodity Exchange Act for private investment funds provided by CFTC Rule 4.13(a)(4). This Client Alert, written by Ed Eisert and Evelyn...more

Orrick, Herrington & Sutcliffe LLP

New CFTC Regulatory Regime for Private Fund Managers

On April 24, 2012, the U.S. Commodities Futures Trading Commission ("CFTC") repealed the exemption from registration under the U.S. Commodity Exchange Act ("CEA") for private investment funds provided by CFTC Rule 4.13(a)(4)....more

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