CFTC Approves Supplemental Proposal For Proposed Regulation AT

On November 4, 2016, the Commodity Futures Trading Commission ("CFTC" or the "Commission") approved, by a 2 – 1 vote, a supplemental proposal ("Reg AT Supplemental Proposal") that amends a 2015 proposed rule related to automated trading ("Proposed Reg AT").¹  The Reg AT Supplemental Proposal includes a 60-day comment period that commences upon publication in the Federal Register.  Unless addressed in the Reg AT Supplemental Proposal, Proposed Reg AT remains the same.  Below is a summary of the key aspects of the Reg AT Supplemental Proposal based upon the discussion at the CFTC's open meeting along with the fact sheet and Q&A document posted to the CFTC website.²  

I. Quantitative Test for Registration as AT Person