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ARTICLE · 21 SEPTEMBER 2010

CFTC Requests Comment on NFA Petition to Restrict Exclusions from Commodity Pool Operator Definition

Morgan Lewis
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On September 17, the Commodity Futures Trading Commission (CFTC) published in the Federal Register a request for comments on National Futures Association’s (NFA’s) petition for rulemaking (the Petition), to revise the exclusions from the definition of a commodity pool operator (CPO) under CFTC Rule 4.5.

United StatesFinance and Banking
Georgia Bullitt
Georgia Bullitt
Ethan Johnson
Ethan Johnson
Rebecca Leon
Rebecca Leon
Michael Piracci
Michael Piracci
Laura Flores
Laura Flores
W. McGuire
W. McGuire

On September 17, the Commodity Futures Trading Commission (CFTC) published in the Federal Register a request for comments on National Futures Association's (NFA's) petition for rulemaking (the Petition), to revise the exclusions from the definition of a commodity pool operator (CPO) under CFTC Rule 4.5. Comments must be received by the CFTC on or before October 18, 2010.

The original Petition, submitted on June 29, 2010, would have required the operator of any qualifying entity under Rule 4.5 (such as a registered investment company, bank, or insurance company) seeking futures- and commodities-related performance to register with the CFTC as a CPO unless certain conditions were met. (For a full description of these requirements, please see Morgan Lewis's LawFlash of July 1, 2010.)1 On August 18, NFA withdrew the original Petition and submitted a revised Petition, making clear that NFA intends for the restrictions to apply only to registered investment companies. (For

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