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.