Cole-Frieman & Mallon partner/co-founder Bart Mallon Discusses CFTC Regulation 4.5, the Volcker Rule & Other Compliance Issues
On December 19, 2025, the Market Participants Division (“MPD”) of the Commodities Futures Trading Commission (“CFTC”) issued No-Action Letter No. 25-50, granting interim relief for certain commodity pool operators (“CPOs”)...more
On December 19, 2025, the Market Participants Division (MPD) of the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter (Letter) providing certain private fund managers with temporary relief from the...more
The staff of the Market Participants Division (the “Staff”) of the Commodity Futures Trading Commission (CFTC) have issued two no-action letters that provide targeted relief from commodity pool operator (CPO) and commodity...more
The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter to provisionally relieve a type of private fund manager registered with the US Securities and Exchange Commission (SEC) as an investment adviser...more
For investment advisers, investment managers, private funds, commodity pool operators and commodity trading advisors looking to navigate 2026 with confidence, this update serves as a starting point to prepare for the year...more
In December 2025, the Staff of the U.S. Commodities Futures Trading Commission (“CFTC”) issued a no-action letter (the “Letter”) that effectively reinstates the former Rule 4.13(a)(4) exemption from registration as commodity...more
On December 19, 2025, the Market Participants Division (MPD) of the CFTC published CFTC Letter No. 25-50, issuing interim relief in response to a request from the Managed Funds Association....more
On December 19, 2025, the Staff of the Commodity Futures Trading Commission (CFTC) issued no-action relief that effectively reinstates (with a few modifications) an exemption from registration for commodity pool operators...more
On December 19, 2025, the Commodity Futures Trading Commission (the “CFTC”) issued a no‑action letter (the “No‑Action Letter”) that permits many private fund managers registered with the Securities and Exchange Commission...more
On December 19, 2025, one day after the U.S. Senate confirmed Michael Selig as the new Chairman of the Commodity Futures Trading Commission (the “CFTC”), the staff of the Market Participants Division (the “Division”) of the...more
On December 19, 2025, the Market Participants Division (“MPD”) of the Commodity Futures Trading Commission (“CFTC”) issued relief on an interim basis permitting certain commodity pool operators (“CPOs”) registered with the...more
The regulatory framework governing the intersection of derivatives markets and the private fund industry has reached a pivotal inflection point. On December 19, 2025, the Market Participants Division of the Commodity Futures...more
Managers relying on exemptions under Commodity Futures Trading Commission (CFTC) Rules 4.13, 4.14, and 4.5 must complete their required annual affirmation within 60 days of year-end. Our Investment Funds Team highlights key...more
The National Futures Association (NFA) has proposed repealing Interpretive Notice 9073 and amending Compliance Rule 2-51 in a submission to the Commodity Futures Trading Commission (CFTC). Our Investment Funds Team highlights...more
The output of new enforcement actions from the Commodity Future Trading Commission (CFTC) has virtually ground to a halt in 2025, with a slowdown that greatly exceeds the slower pace of new Securities and Exchange Commission...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
The Commodity Futures Trading Commission (CFTC) recently adopted a final rule amending CFTC Rule 4.7. CFTC Rule 4.7 provides an exemption from certain disclosure, recordkeeping and reporting requirements for registered...more
In early September, the U.S. Commodity Futures Trading Commission (“CFTC”) adopted amendments to CFTC Regulation 4.7 (“Regulation 4.7”), which is a compliance exemption from certain disclosure, reporting and recordkeeping...more
The Commodity Futures Trading Commission (CFTC) has adopted amendments to CFTC Rule 4.7, including adjustments to the portfolio requirement financial thresholds in the “qualified eligible person” definition and the...more
On September 12, the Commodity Futures Trading Commission (CFTC or Commission) published a final rule, adopting amendments to CFTC Rule 4.7, which provides exemptive relief from certain compliance obligations to registered...more
Our Investment Funds Group examines how the Commodity Futures Trading Commission (CFTC) has amended Regulation 4.7 to increase investor suitability standards and provide additional flexibility for funds-of-funds reporting....more
On September 12, 2024, the Commodity Futures Trading Commission (CFTC) finalized the first major changes to CFTC Regulation 4.7 (Rule 4.7) in over 30 years. Among other technical revisions, the amendments to Rule 4.7,...more
Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement developments from the past...more
We have separately discussed the common exemptions from registration of a fund manager with the Securities and Exchange Commission (SEC) as an investment adviser and from registration with the Commodity Future Trading...more
Fundraising’s Effect on Dealmaking - Fundraising has been challenging over the past 12 months, primarily driven by the fact that distributions have slowed as a result of the lack of exit opportunities....more