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ARTICLE · 23 JULY 2013

Advertising Restrictions Apply To Commodity Pools

Morrison Foerster
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In prior posts, we have noted that the relaxation of the ban on general solicitation in no way relieves certain registered entities of their obligations to comply with regulations related to advertising or promotional materials.

United StatesFinance and Banking
Anna Pinedo
Anna Pinedo
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In prior posts, we have noted that the relaxation of the ban on general solicitation in no way relieves certain registered entities of their obligations to comply with regulations related to advertising or promotional materials.  In fact, relying on general solicitation will create new compliance hurdles for registered entities.  For example, registered broker-dealers must comply with all applicable FINRA regulations regarding the content of their communications and the review, filing and recordkeeping requirements of FINRA's advertising rules.  Commodity pools (entities that engage in trading of swaps) and their advisers also are subject to regulations on advertising.  The CFTC regulations, including Rule 4.41, have as their objective ensuring that communications by a CPO are fair and balanced and do not "employ any device, scheme, or artifice to defraud" investors.  In addition, CPOs (and their principals and advisers) must ensure that their communications do not

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