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 vehicles that previously were not regulated by the CFTC, and their operators and advisers, became subject to CFTC oversight as of January 1, 2013. We anticipate additional significant developments for the CPO and CTA regulatory regimes in 2013, including as they apply to such persons. In particular, we expect there to be further developments with respect to the following areas, each of which is discussed in more detail below.

1. Application of the CPO Regulatory Regime to Funds of Funds

2. Continued Litigation With Respect to the CFTC’s Narrowing of the CFTC Regulation 4.5 Exclusion From CPO Status for Registered Investment Companies

3. Issuance of CFTC Regulations to Harmonize CFTC and Securities and Exchange Commission (SEC) Requirements for Registered Investment Companies

4. Compliance With New Reporting Requirements

5. Additional Relief for Certain Persons From CPO and CTA Requirements

6. Additional Guidance With Respect to Compliance With CPO and CTA Requirements

7. Compliance With New Requirements for Swaps Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)