On Feb. 26, 2026, the Market Participants Division (“MPD”) of the Commodity Futures Trading Commission (“CFTC”) amended and restated CFTC No-Action Letter No. 25-50 (“Letter No. 25-50”) with new CFTC No-Action Letter No....more
3/3/2026
/ CFTC ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
CPOs ,
Derivatives ,
Investment Funds ,
Investment Management ,
Market Participants ,
No-Action Letters ,
Registration Requirement ,
Regulatory Requirements ,
Relief Measures
On January 16, 2026, the U.S. Court of Appeals for the Fifth Circuit rejected the “Passive Investor” test used by the Tax Court in Soroban Capital Partners LP v. Commissioner (“Soroban”) and determined that limited partners...more
1/23/2026
/ Appeals ,
Business Entities ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Partnerships ,
Partnerships ,
Self-Employment Tax ,
Tax Court ,
Tax Exemptions ,
Tax Liability ,
Tax Litigation
On Dec. 19, 2025, the Market Participants Division (MPD) of the Commodity Futures Trading Commission (CFTC) issued No-Action Letter 25-50 (the “Letter”), which provides interim no-action relief from commodity pool operator...more
1/20/2026
/ CFTC ,
Commodity Futures Contracts ,
CPOs ,
Derivatives ,
Exemptions ,
Form PF ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
No-Action Letters ,
Registration Requirement ,
Regulation D ,
Reporting Requirements