On May 12, 2014, the Commodity Futures Trading Commission
("CFTC") issued guidance1 (the "CPO
Guidance") establishing the circumstances under which it
intends to provide registration no-action relief through a
streamlined process where a commodity pool operator
("CPO") has delegated investment management authority
with respect to a commodity pool to another person registered as a
CPO. The CFTC had historically received requests for, and in some
cases issued, such no-action relief, but without the benefit of a
streamlined approach.
A CPO is generally defined under the U.S. Commodity Exchange Act
to include a person engaged in a business that is of the nature of
a commodity pool or similar form of enterprise and who markets
interests in a commodity pool and solicits, accepts or receives
customer funds for investment in the pool for the purpose of
trading in "commodity interests." Pursuant to
modifications made in connection with Dodd-Frank, "commodity
interests" are
