On November 30, the CFTC issued a time limited no-action letter stating that that the Division of Swap Dealer and Intermediary Oversight will not take enforcement action against the commodity pool operator of a fund of funds for failure to register as such until the later of June 30, 2013, or six months after the effective date (or compliance date, if later) of any revised guidance on the de minimus threshold rules. CFTC Release. CFTC No-Action Letter.
commodity pool operator
CFTC Guidance on Commodity Pool Registration Exclusion
On October 11, the CFTC issued a “no-action” letter to ASF and SIFMA with respect to the funds being treated as commodity pool under CFTC regulations and the Commodities Exchange Act. The letter indicates that (i) certain securitization vehicles should not be included within the definition of “commodity pool” and (ii) operators of those vehicles should not be included within the definition of “commodity pool operator” . The letter includes a set of criteria which, if satisfied, would result in CFTC staff not considering a vehicle a commodity pool. CFTC Letter.