4.13 of part 4 of the commodity futures trading commission act of 1974
On February 9,the U. Commodity Futures Trading Commission CFTC rescinded CFTC Rule 4. A private fund currently operating under Rule 4. As of December 31,a private fund previously relying on Rule 4. The CFTC also adopted other changes to its rules governing CPOs and Commodity Trading Advisors CTAs as discussed below.
Since a QEP is defined to include a "qualified purchaser," as defined under the Investment Company Act ofmost private funds operated under the exemption under Section 3 c 7 of the Investment Company Act could automatically qualify for the exemption under Rule 4.
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The exemption under Rule 4. For a fund to qualify under the de minimis threshold under Rule 4. The Dodd Frank Act divided regulatory authority over swaps between the Securities and Exchange Commission SEC and the CFTC, granting the CFTC primary authority over non-security based swaps and shared authority with the SEC over security based swaps that have a commodity component, or "mixed swaps.
It is unclear at this time when the final rules on swaps will be published. The rules for netting futures contracts and swaps under Rule 4.
Advisers to many private funds currently rely on an exemption from registration with the CFTC as a CTA under CFTC Rule 4.
Neither of these rules was amended. However, the scope of the exemption under CFTC Rule 4. The CFTC received many comments requesting relief for funds of funds due to the difficulty in applying the de minimis threshold to funds of funds. However, the CFTC but did not grant any new relief. A fund of funds that invests in other funds that trade futures is itself a commodity pool in the eyes of the CFTC. Currently, a fund of funds relying on Rule 4.
The CFTC noted that "the [CFTC] staff will consider requests for exemptive relief for fund of funds on a case by case basis. Citing the need to first accumulate more data, the CFTC also decided not to grant any new relief to family offices and non-U.
The CFTC directed its staff to "look into the possibility of adopting a family offices exemption in the future. The annual notice requirement will be due within 4.13 of part 4 of the commodity futures trading commission act of 1974 days of the calendar year-end. A registered CPO or CTA will be required to report certain information to the CFTC on Form CPO-PQR or CTA-PR, respectively, which are the CFTC equivalents of SEC Form PF.
Form CPO-PQR is divided into stock trading abu dhabi Schedules A, B and C. A CPO may not be required complete all 4.13 of part 4 of the commodity futures trading commission act of 1974 how to make money on virtual families 2 fast, depending on the size of the CPO's advisory business and the CPO's SEC reporting obligations if a dual registrant.
SEC registered advisers may file Form PF with the SEC in lieu of completing Schedule B and Schedule C of Form CPO-PQR. Form CTA-PR must be filed annually within 45 days of the end of the fiscal year.
17 CFR - Exemption from certain part 4 requirements for commodity pool operators with respect to offerings to qualified eligible persons and for commodity trading advisors with respect to advising qualified eligible persons. | US Law | LII / Legal Information Institute
The CFTC repealed CFTC Rule 4. The CFTC also modified the criteria established under Rule 4. Lastly, the CFTC imposed additional risk disclosure requirements for CPOs and CTAs related to swap transactions. News Rankings Publications Events Diversity Pro Bono Corporate Social Responsibility Alumni. Practices Professionals Offices Careers About Us.
Christopher M Wells Partner t: Practices Private Investment Funds Hedge Funds Financial Services. Offices New York Boston London Paris Beijing. Exemptions from CPO Registration Rule 4. CTA Exemptions Retained Advisers to many private funds currently rely on an exemption from registration with the CFTC as a CTA under CFTC Rule 4.
Funds of Funds The CFTC received many comments requesting relief for funds of funds due to the difficulty in applying the de minimis threshold to funds of funds.
Forms CPO-PQR and CTA-PR A registered CPO or CTA will be required to report certain information to the CFTC on Form CPO-PQR or CTA-PR, respectively, which are the CFTC equivalents of SEC Form PF. Additional Amendments Adopted The CFTC repealed CFTC Rule 4. Home Contact Us Disclaimer Privacy Policy Site Map. Publications Blog Brochure Client Alert Newsletter Published Article Special Report Video.