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ARTICLE · 02 JANUARY 2026

CFTC Staff Extends Relief To Certain RIAs Operating Private Commodity Pools

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On December 19, 2025, the CFTC staff issued no-action relief to commodity pool operators ("CPOs") registered with the SEC as investment advisers, with respect to the operation of certain commodity pools whose interests are offered solely to "qualified eligible persons" as defined in CFTC Regulation 4.7 ("QEPs").

United StatesFinance and Banking
Philip T. Hinkle
Philip T. Hinkle
Megha Kalbag
Megha Kalbag
Michael Mavrides
Michael Mavrides
John McGrath
John McGrath
Michael W. McGrath
Michael W. McGrath
Audrey Wagner
Audrey Wagner
Dale C. Beggs
Dale C. Beggs
Jennifer A. DiNuccio
Jennifer A. DiNuccio
Victoria Reardon
Victoria Reardon

Key Takeaways

  • On December 19, 2025, the CFTC staff issued no-action relief to commodity pool operators ("CPOs") registered with the SEC as investment advisers, with respect to the operation of certain commodity pools whose interests are offered solely to "qualified eligible persons" as defined in CFTC Regulation 4.7 ("QEPs").
  • This has the substantive effect of reinstating CFTC Regulation 4.13(a)(4) (the "CFTC Regulation 4.13(a)(4) Exemption"), which was rescinded in 2012, albeit subject to certain new conditions, and carrying with it some concerns for those who would rely on it.
  • A CPO would not be required to give pool participants a right of recission in order to convert commodity pools from being operated under CFTC Regulation 4.7 relief to operation under the no-action relief, a requirement that would likely have made the relief unworkable for CPOs that are currently registered.

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