In February 2012, the U.S. Commodity Futures Trading Commission (the “CFTC”) adopted final amendments to its rules governing commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”). Among other things, the CFTC determined to rescind Rule 4.13(a)(4) of its regulations, an exemption from CPO registration upon which many sponsors of private funds have relied. The CFTC also determined to impose new reporting requirements for registered CPOs and CTAs. In light of these developments, we have prepared an outline highlighting certain key considerations for private fund sponsors and managers that are evaluating whether they are required to register as CPOs or CTAs or whether they qualify for an exemption from registration.Click here to download our outline.
This article was originally published by Bingham McCutchen LLP.