CFTC Adopts Amended Position Limit Aggregation Rules – Action by Asset Managers May Be Required

The U.S. Commodity Futures Trading Commission (the "CFTC") has issued amended aggregation rules for determining compliance with speculative position limits established by the CFTC in futures contracts and options thereon.¹ The amended rules largely continue the CFTC's existing aggregation policy, which generally requires that a person aggregate all positions in accounts or funds for which a person directly or indirectly either controls trading or holds a 10% or greater ownership interest, as well as the positions of any other person with whom the person trades pursuant to an express or implied agreement. The amended rules retain modified versions of existing exemptions from aggregation, create several additional exemptions, newly require aggregation for substantially identical trading strategies, and impose a filing requirement to rely on certain exemptions. These rules apply to all market participants, regardless of their registration status. Accordingly,