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ARTICLE · 19 SEPTEMBER 2024

CFTC Adopts Amendments To Regulation 4.7

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The CFTC has adopted a final rule amending CFTC Regulation 4.7 for the first time since the rule was adopted in 1992. Regulation 4.7 is a provision allowing exemptions from certain compliance requirements...

United KingdomFinance and Banking
Mark Buckley-Jones
Mark Buckley-Jones

The CFTC has adopted a final rule amending CFTC Regulation 4.7 for the first time since the rule was adopted in 1992. Regulation 4.7 is a provision allowing exemptions from certain compliance requirements for commodity pool operators ("CPOs") regarding commodity pool offerings to qualified eligible persons ("QEPs") and for commodity trading advisors ("CTAs") regarding trading programs advising QEPs.

The adopted changes include:

  • Increasing the monetary thresholds that investors must satisfy to qualify as QEPs; and
  • Codifying routinely issued exemptive letters allowing funds of funds operated under Regulation 4.7 more time to distribute periodic account statements.

Notably, the CFTC did not adopt previously proposed amendments that would have created significant new disclosure requirements for CPOs and CTAs relying on CFTC Regulation 4.7. Instead, the CFTC opted to "take additional time to consider the concerns" of those who submitted comments.

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