Until recently, advisers to registered investment companies 1 that invested in commodities and commodity-linked derivatives could expect to be regulated primarily by the US Securities and Exchange Commission (SEC).
They generally were able to avail themselves of an exemption or fit within an exclusion that permitted them to avoid compliance with the bulk of the Commodity Futures Trading Commission’s (CFTC) regulatory regime. That division of regulatory oversight ended on April 24, 2012.