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ARTICLE · 09 JANUARY 2017

CFTC Adopts Amendments To Position Limit Aggregation Rules

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The final rule requires notice filing to take advantage of most exemptions from aggregation.

United StatesFinance and Banking
Jan-Paul Bruynes
Jan-Paul Bruynes
Jason M. Daniel
Jason M. Daniel
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Key Points

  • Unless an exemption from aggregation is available, all positions in accounts for which any person controls the trading or holds a 10 percent or greater ownership or equity interest must be aggregated with positions held, and trading done, by such person.
  • The final rule adds several new exemptions, including for persons with a 10 percent or greater ownership or equity interest in an entity so long as certain conditions establishing independence are met.
  • The final rule requires notice filing to take advantage of most exemptions from aggregation.

On December 5, 2016, the Commodity Futures Trading Commission (CFTC) issued a final rule adopting many of its previously proposed amendments to position limit aggregation rules and exemptions pertaining to certain futures contracts and options on nine agricultural commodities 1 (the "Final Rule"). The Final Rule takes effect 60 days after its publication in the Federal Register, which is expected to

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