The CFTC adopted amendments (see here and here) that incorporate CFTC staff guidance regarding CPO and CTA registration and reporting requirements into Part 4 of the CFTC Rules. As previously covered, the CFTC approved the final rule amendments on November 25, 2019.
Specifically, the CFTC:
adopted an exclusion from CPO registration for investment advisers to business development companies ("BDCs") in CFTC Rule 4.5, subject to the same conditions as for investment advisers to RICs;
These amendments will become effective 30 days after publication in the Federal Register. With respect to RICs, if an entity other than the RIC’s investment adviser has currently filed a notice of eligibility to claim the exclusion from CPO registration under CFTC Rule 4.5, the RIC’s investment adviser must file the requisite notice by March 1, 2021 to claim the exclusion as the RIC’s designated CPO under the amended rule. Investment advisers to BDCs should, however, make the requisite Rule 4.5 filings "as soon as practicable" after the amendments go into effect (i.e., 30 days after publication in the Federal Register).
The CFTC decided not to adopt certain proposals set forth in its October 2018 Notice of Proposed Rulemaking (or the "Proposing Release"). Specifically, the CFTC decided not to adopt amendments to:
The CFTC approved final rule amendments to simplify regulatory obligations for CPOs and CTAs by codifying certain staff advisories and no-action letter relief.
The CFTC proposed to simplify regulatory obligations for CPOs and CTAs by codifying certain staff advisories and no-action letter relief.
The CFTC proposal to simplify regulatory obligations for commodity pool operators and commodity trading advisors by codifying staff advisories and no-action letter relief was published in the Federal Register.
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