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ARTICLE · 18 DECEMBER 2012

CFTC Division Issues No-Action Letter Impacting Mortgage REITs

Jones Day
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On December 7, 2012, the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission issued CFTC Letter No. 12-44.

United StatesFinance and Banking
Alice Yurke
Alice Yurke
David Mahle
David Mahle
Anthony Perricone
Anthony Perricone
Joel Telpner
Joel Telpner
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On December 7, 2012, the Division of Swap Dealer and Intermediary Oversight (the "Division") of the Commodity Futures Trading Commission ("CFTC") issued CFTC Letter No. 12-44 (the "Letter"). The Letter grants no-action relief with respect to operators of certain pooled investment vehicles organized as mortgage real estate investment trusts ("mREITS") that fail to register as commodity pool operators ("CPOs"). The issue addressed in the Letter arises from the revised definition of "commodity pool operator" brought about by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which expanded the definition of "commodity interests" to include "swaps" and therefore conferred commodity pool status on any fund or similar enterprise that entered into any swap. As a result, operators of such funds or other similar enterprises would either have to register, or claim an exemption from registering, as CPOs, in either case by December 31, 2012.

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