Commodity Pool › Commodity Pool Operator

A Commodity Pool is an investment structure or enterprise where funds from a number of participants are combined into a single entity for the purpose of trading futures contracts, options on contracts, retail... more +

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News & Analysis as of May 18, 2013

Customer Segregation: Keep It Separate

The CFTC’s Further No-Action Relief for Operators of Securitization Vehicles that May Constitute Commodity Pools

by James Schwartz | Morrison & Foerster LLP on 4/11/2013

In a letter dated March 29, 2013 (the “March 29 Letter”), the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”), extended by three months, but subject...more

NFA Proposes Amendment Permitting Certain Loans by Commodity Pools to Related Entities

by Blake Brockway, Christian Hennion, Kenneth M. Rosenzweig | Katten Muchin Rosenman LLP on 3/13/2013

On March 4, the National Futures Association (NFA) issued a proposed rule change and interpretive notice that would allow commodity pools to provide certain loans to related commodity pool operators (CPOs) and other...more

401(k) Plans—Potential Commodity Pool Issues in the United States

by Susan M. Camillo, Andrew L. Oringer, M. Holland West | Dechert LLP on 2/28/2013

Under the rules of the Commodity Futures Trading Commission (“CFTC”), certain collective investment vehicles and other entities that, directly or indirectly, invest in “commodity interests” may be “commodity pools” whose...more

Family Office Relief from CPO Registration

by W. Scott McGinness Jr. | Miller & Martin PLLC on 2/26/2013

As noted in an earlier Client bulletin, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued a no-action letter dated November 29, 2012 enabling...more

Legal Alert: The CPO and CTA Regulatory Regimes: What Operators of and Advisers to Commodity Pools Should Expect in 2013

by Cheryl I. Aaron, James M. Cain, Doyle Campbell, Kalaundra Y. Carreathers, Warren N. Davis, Jacob Dweck, Daphne G. Frydman, Meghan R. Gruebner, Meltem F. Kodaman, Catherine M. Krupka, more +David T. McIndoe, Mark D. Sherrill, R. Michael Sweeney, Jr. | Sutherland Asbill & Brennan LLP on 1/18/2013

There were a number of significant changes to the regulatory regime for commodity pool operators (CPOs) and commodity trading advisors (CTAs) in 2012. As a result of these changes, various types of collective investment...more

Year-End Developments And Compliance Checklists

by Cole Beaubouef, Richard Bernstein, George Danenhauer, Marie DeFalco, David Goret, Peter Greene, Elaine Hughes, Allen Levithan, Matthew Magidson, Robert Minion, Scott H. Moss | Lowenstein Sandler LLP on 1/17/2013

Lowenstein Sandler’s Investment Management Group is pleased to provide you with (i) a summary of recent legislative and regulatory developments that impact the investment management community; and (ii) checklists of year-end...more

CFTC's Division of Swap Dealer and Intermediary Oversight Issues a No-Action Letter for Business Development Companies with...

by White & Case LLP on 12/15/2012

On December 4, 2012, the Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight ("the Division") issued a no action letter to operators of business development companies ("BDCs"). The...more

NFA Issues Guidance on Reaffirmation of CPO/CTA Exemptions

by Carolyn A. Jayne, Cary J. Meer, Lawrence B. Patent | K&L Gates LLP on 12/13/2012

Introduction - Earlier this year, the Commodity Futures Trading Commission (“CFTC”) promulgated amendments to its regulations governing commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) that now...more

NFA Issues Guidance on Annual Affirmation Requirement for CPO and CTA Exemptions

by James M. Brady, Kenneth M. Rosenzweig | Katten Muchin Rosenman LLP on 12/12/2012

Commencing in 2012, each person or entity claiming an exemption from commodity pool operator (CPO) or commodity trading advisor (CTA) registration must annually affirm the applicable exemption within 60 days of the end of...more

The CFTC’s Interpretive Letters Regarding Securitizations, REITs and the Definition of “Commodity Pool”

by Morrison & Foerster LLP on 11/1/2012

In two interpretive letters issued on October 11, 2012 (collectively, the “Interpretive Letters”), the Division of Swap Dealers and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the...more

CFTC Provides Guidance on Bona Fide Hedging for Rule 4.5 Compliance

by Katten Muchin Rosenman LLP on 10/24/2012

On October 12, CFTC Staff Interpretive Letter 12-19 provided guidance with respect to the interpretation of bona fide hedging under CFTC Regulations. Under Rule 4.5 of the CFTC’s Regulations, advisers may be excluded from the...more

"CFTC Issues Interpretive Guidance for Securitizations and Defers Registration Deadline for Certain Persons"

by Skadden, Arps, Slate, Meagher & Flom LLP on 10/19/2012

Securitization entities and most issuers of similar structured products (collectively, structured finance entities) historically have not been regulated as commodity pools by the Commodity Futures Trading Commission (CFTC)1...more

CFTC Sheds Light on Definition of Commodity Pool

by Leonard, Street and Deinard - Dodd-Frank and... on 10/15/2012

Perhaps one of the most important questions since the Dodd-Frank Act is “What is a commodity pool”? Close behind is “Who is a commodity pool operator”? The CFTC has begun to shed light on these questions by issuance of...more

"CFTC Delays Registration Deadline for Certain Commodity Pool Operators and Commodity Trading Advisors"

by Skadden, Arps, Slate, Meagher & Flom LLP on 10/12/2012

On October 12, 2012, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) issued “Temporary Registration No-Action Relief” (Temporary No-Action Relief) to commodity...more

New CFTC Regulatory Regime for Private Fund Managers

by Orrick - Structured Finance Group on 8/30/2012

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

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