CFTC Proposes CPO And CTA Registration Exemptions

Key Takeaways

• On August 18, 2026, the CFTC proposed amendments¹ to its commodity pool operator (CPO) and commodity trading advisor (CTA) registration exemptions, including the restoration of an exemption for CPOs operating commodity pools sold only to certain sophisticated investors without a de minimis limit on commodity interest trading.
• If adopted, the exemption set forth in proposed CFTC Regulation 4.13(a)(4) would be the most significant CFTC regulatory development for the asset management industry since 2012, when the CFTC rescinded the CPO registration exemption then available under the prior version of Regulation 4.13(a)(4) (Prior CPO Exemption).
• The conditions to the proposed exemption include (1) registration with the SEC as an investment adviser, (2) private offering and sale of pool interests, with general solicitation pursuant to the JOBS Act amendments to Regulation D permitted, (3) reasonable belief that each investor meets certain qualification requirements at