Persons desiring to claim an exclusion from the CPO definition under CFTC Regulation 4.
All Advisers to Registered Investment Companies Need to Evaluate Their Exposure to CFTC Regulation After Recent Rule Amendment | Katten Muchin Rosenman LLP
This relief is self-executing; the operators of these trading vehicles are not required to file any notice or make any specified representations to claim this exclusion. Broadly speaking, these persons are the operators of "family, club and small" pools, as defined in the regulation, and pools that have limited futures activity or that restrict participation to sophisticated persons.
Among other things, the pools these CPOs operate do not commit more than 10 percent of the fair market value of their assets to establish commodity interest trading positions and they trade commodity interests in a manner solely incidental to their securities trading activities.
Persons desiring to claim exemption under CFTC Regulation 4.
Section 4m 1 of the Commodity Exchange Act CEA , 7 USC 6m 1 , provides an exemption from registration for a person who, in the preceding 12 months, has not furnished commodity trading advice to more than 15 persons and who does not hold himself out generally to the public as a commodity trading advisor CTA.
If a person is exempt from registration as a CTA pursuant to paragraph a 8 of the regulation, the person must file a notice of exemption electronically with the NFA.
The relief available under Sections 4m 1 and 4m 3 of the CEA and CFTC Regulations 4. Briefly stated, qualified eligible persons include such persons as certain investment professionals, knowledgeable employees, qualified purchasers, non-United States persons, and accredited investors who meet a portfolio requirement.
Commodity Pool Operators (CPOs) - CFTC
Notices claiming CPO or CTA exclusion or exemption must be filed electronically with NFA through its Exemptions System. Commodity Futures Trading Commission. Transparency International Contact Us.
Intermediaries Futures Commission Merchants FCMs Introducing Brokers IBs Commodity Pool Operators CPOs Commodity Trading Advisors CTAs Swap Dealer SD Major Swap Participant MSP. Commodity Pool Operators CPOs. Commodity Pool Operator and Commodity Trading Advisor Exemptions and Exclusions Exclusion from the Commodity Pool Operator and Pool Definitions.
Exemption from Certain Part 4 Requirements Where Pool Meets Certain Trading Criteria. Exemption from Certain Part 4 Requirements Where Participants are "Qualified Eligible Persons".