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Tag Archives: CFTC

U.S. House Votes to Reauthorize the CFTC and Exclude Most RICs from CPO and CTA Requirements

Posted in Investment Adviser Regulation

The U.S. House of Representatives on June 24, 2014, passed a version of the CFTC reauthorization bill, H.R. 4413, that would exclude investment advisers to registered investment companies (RICs) from the definitions of commodity pool operator (CPO) and commodity trading advisor (CTA) if they limit their advice and trading activity to “financial commodity interests.” H.R…. Read More

NFA Requests Comments on Need for CPO/CTA Capital Requirements

Posted in Fund Regulation, Investment Adviser Regulation

Should the National Futures Association (NFA) impose capital requirements on commodity pool operators (CPOs) and commodity trading advisors (CTAs)? On January 23, 2014, the NFA published a Notice to members seeking public comments on this controversial proposal. The proposal does not appear to exclude advisers of registered investment companies that are required to register as… Read More

CFTC Again Charges Civil Perjury – This Time for Statements Made in an Off-the-Record Interview

Posted in Enforcement

On January 2, 2014, the U.S. Commodity Futures Trading Commission (CFTC) ordered a Russian foreign national to pay a $250,000 civil penalty for making false and misleading statements to CFTC staff in an interview during an enforcement investigation. The CFTC issued the penalty pursuant to new authority under the Dodd-Frank Act, which amended the Commodity Exchange Act… Read More

CFTC Adopts “Substituted Compliance” Approach for Registered Investment Companies that Are Commodity Pools

Posted in Fund Regulation, Investment Adviser Regulation

This week the CFTC executed a welcome U-turn and adopted final rules that implement a “substituted compliance” approach for disclosure and compliance obligations of registered investment companies (RICs) that are also commodity pools. Rather than requiring that RICs comply with the sometimes inconsistent disclosure, compliance and financial reporting regulations of both the SEC and the… Read More