On December 3, National Futures Association (NFA) issued guidance reminding firms that are relying on certain exemptions or exclusions from registration as commodity pool operators (CPOs) or commodity trading advisors (CTAs) of their obligation to reaffirm those exemptions and exclusions. Commodity Futures Trading Commission regulations require any person that has claimed an exemption or exclusion from CPO registration pursuant to CFTC Regulations 4.5, 4.13(a)(1), 4.13(a)(2), 4.13(a)(3) or 4.13(a)(5), or an exemption from CTA registration pursuant to CFTC Regulation 4.14(a)(8), to affirm within 60 days of each calendar year-end the relevant notice of exemption or exclusion. Failure to affirm the exemption or exclusion by the end of the 60-day grace period, i.e., March 2, 2015, will result in an automatic withdrawal of the exemption or exclusion on that date. The reaffirmation process can be completed by accessing NFA’s Electronic Exemption System.