NFA Addresses Mandatory Quarterly Reporting by Registered CPOs and CTAs

April 25, 2013

On April 24, 2013, the National Futures Association announced that amendments to NFA Compliance Rule 2-46, which are intended to streamline its reporting requirements for commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”).1 Both the CFTC and the NFA require CPOs and CTAs to file reports periodically on Forms known as PQR and PR, respectively. The NFA’s letter explains that it has sought to bring the requirements of Rule 2-46 more closely in line with those of CFTC Rule 4.27, the CFTC’s reporting rule.

Early last year, the CFTC adopted reporting requirements for CPOs and CTAs as part of broader revisions to its regulations governing those categories of registrants. (The NFA has required quarterly reporting by its CPO member firms for some time.) As a result of those larger changes, many asset managers were required to register with the CFTC as CPOs and CTAs by December 31, 2012. At the same time, those firms also became members of the NFA. As a result, these newly-registered firms will be required to comply with both CFTC and NFA requirements for the first time in 2013.

As explained in the accompanying chart, the NFA has amended its Rule 2 46 to allow CTAs and CPOs to satisfy their CFTC and NFA reporting requirements by making a single filing in the NFA’s online EasyFile System. It should be noted, however, that the NFA has not finalized the first due date for CTAs to make quarterly filings under Rule 2-46. The NFA therefore has determined that it will not require CTAs to make filings for the quarter ended March 31, 2013 or the quarter ending June 30, 2013. The NFA has also explained that it will notify CTAs well in advance of their first quarterly filing date.

For firms that became registered CPOs earlier in 2013, the first quarterly PQR filing will be due on May 30, 2013. In light of this deadline, those firms should consider accessing the EasyFile System well in advance of May 30 in order to gain a better understanding of their specific filing obligations.

While quarterly reporting for CTAs on Form PR has been deferred for now, those firms should consider reviewing the CFTC’s Form PR to understand what information will be required for their first annual filing, which will be due in March 2014. CTAs will find that Form PR requires substantially less information than either Form PQR or SEC Form PF.

Firms that are also registered as investment advisers with the SEC may be able to rely on the processes that they have put in place to complete Form PF in developing an approach to satisfying their Form PQR and PR reporting requirements.

Click here to view the chart regarding filing on CFTC/NFA Forms PQR and PR.


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1 The NFA’s letter is available at

This article was originally published by Bingham McCutchen LLP.