Commodity Pool Operators and Commodity Trading Advisors - Amendments to Compliance Obligations
The Commodity Futures Trading Commission (Commission) adopted amendments to its existing part 4 regulations and promulgated one new regulation regarding Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs). The Commission also adopted new data collections for CPOs and CTAs that are consistent with a data collection required under the Dodd-Frank Act for entities registered with both the Commission and the Securities and Exchange Commission. The adopted amendments rescind the exemption from registration; rescind relief from the certification requirement for annual reports provided to operators of certain pools offered only to qualified eligible persons (QEPs; modify the criteria for claiming relief); and require the annual filing of notices claiming exemptive relief under several sections of the Commission's regulations. Finally, the adopted amendments include new risk disclosure requirements for CPOs and CTAs regarding swap transactions. Please also see 77 FR 17328 (correction).
9/15/2012 4.27: Phase 1: CPOs with assets under management greater than or equal to $5 Bn.77 FR 11252
12/15/2012 4.27: Phase 2: All other registered CPOs and CTAs
12/31/2012 or 60 days after the effective date of the final rulemaking further defining "swap". Registration required for entities subject to 4.5
60 days following the final rule implementing the Commission's proposed harmonization effort for registered investment companies. Entities required to register due to the amendments to 4.5 shall be subject to the Commission's recordkeeping, reporting, and disclosure requirements under Part 4
12/31/2012 4.13(a)(4) (for CPOs claiming exemption prior to 4/24/2012), 4.13(a)(3), 4.7, 4.24, 4.34, 4.14, 4.5 Compliance Date 6: 4/24/2012
4/24/2012 4.13(a)(4) compliance for all entities not previously exempt under this provision