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ARTICLE · 18 JUNE 2020

CFTC Adopts Bad Actor Disqualifications For CPO Exemptions

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On June 4, 2020, the Commodity Futures Trading Commission (CFTC) unanimously voted to amend Regulation 4.13(b) to require any person claiming an exemption from registration...

United StatesFinance and Banking
Jan-Paul Bruynes
Jan-Paul Bruynes
Jason M. Daniel
Jason M. Daniel
W. Graham McCall
W. Graham McCall
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Key Points:

  • A CPO will be prohibited from claiming an exemption from registration under CFTC Regulation 4.13 if it or any of its principals has in their backgrounds a statutory disqualification under the Commodity Exchange Act.
  • A CPO that currently claims the 4.13(a)(3) de minimis exemption will no longer be able to rely on such exemption if as of March 1, 2021, it cannot certify that neither it nor any of its principals have in their backgrounds a statutory disqualification.

On June 4, 2020, the Commodity Futures Trading Commission (CFTC) unanimously voted to amend Regulation 4.13(b) to require any person claiming an exemption from registration as a commodity pool operator (CPO) pursuant to Regulation 4.13(a)(1), 4.13(a)(2), 4.13(a)(3) (i.e., the de minimis exemption) or 4.13(a)(5) ("4.13 Exemptions"), to certify that neither it nor any of its principals have in their backgrounds a statutory disqualification that would require disclosure under the

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