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CFTC Update:  Registration and Compliance Obligations for Commodity Pool Operators and Commodity
February 10, 2012


By: David S. Mitchell

On February 9, 2012, the Commodity Futures Trading Commission (the "Commission" or "CFTC") announced its adoption of extensive amendments to the Part 4 rules, which govern the operations and activities of commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") under the Commodity Exchange Act.  Most significantly, the amendments rescind the exemption from CPO registration in Rule 4.13(a)(4); require annual filing of notices claiming exemptive relief under various provisions of the Part 4 rules; include new risk disclosure requirements for CPOs and CTAs regarding swap transactions where applicable; and modify the criteria for claiming relief under Rule 4.5, the CFTC's "not a pool" rule for certain investment companies registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940.  The Commission, however, has retained the exemption from CPO registration in Rule 4.13(a)(3), which is available for privately offered funds that engage in a limited amount of commodity interest transactions.
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