For Release: February 24, 2009
CFTC Proposes to Amend Reporting Requirements for Commodity Pool Operators
Washington, D.C. – The Commodity Futures Trading Commission (CFTC) has proposed to amend its regulations regarding periodic and annual reporting requirements applicable to commodity pool operators (CPOs). The proposed changes would:
• specify detailed information that must be included in the periodic account statements and annual reports for commodity pools with more than one series or class of ownership interest;
• clarify that the periodic account statements must disclose either the net asset value per outstanding participation unit in the pool, or the total value of a participant’s interest or share in the pool;
• extend the time period for filing and distributing annual reports of commodity pools that invest in other funds;
• codify existing Commission staff interpretations regarding the proper accounting treatment and financial statement presentation of certain income and expense items in the periodic account statements and annual reports; codify exemptions staff has provided to CPOs that operate offshore funds that elected to use non-United States GAAP in the preparation of pool financial statements;
• streamline annual reporting requirements for pools ceasing operation; and
• clarify and update several other requirements for periodic and annual reports prepared and distributed by CPOs.
Public comment on the proposed regulations must be received by March 26, 2009. Copies of the proposed regulations also may be obtained by contacting the Commission's Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581, 202-418-5100, or by accessing the Commission's website, www.cftc.gov.
R. David Gary
Last Updated: February 25, 2009