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The CFTC had previously issued no-action letter 12-14 as to limited types of securitization vehicles. (Link here to the related news item, which describes the prior letter and links to it.) The CFTC has now issued this related no-action letter (i) expanding the scope of the securitization vehicles that are not considered to be commodity pools (and thus whose managers by definition would not be commodity pool operators required to register as such); (ii) providing conditional no-action relief to vehicles that last issued securities before October 12, 2012; and (iii) extending the registration

The CFTC has issued the attached interpretative guidance letter to asset-backed securities funds. The guidance states that securitization funds which meet certain criteria are not included within the definition of "commodity pool" and their operators are not "commodity pool operators" under the Commodity Exchange Act and the CFTC's regulations. The relevant criteria include: The issuer of the asset-backed securities is operated consistently time with the conditions set forth in Regulation AB, or Rule 3a-7, whether or not the issuer's security offerings are in fact regulated pursuant to either

76 FR 55308 (SEC Release No. IC-29779) September 7, 2011 The SEC published an advance notice of proposed rulemaking regarding amendments being considered to Rule 3a-7 under the Investment Company Act, which provides, in part, a conditional exclusion from the Act to issuers of asset-backed securities. The proposal is intended to consider, among other things, the role of credit ratings in the context of Rule 3a-7 and how holders of asset-backed securities of Rule 3a-7 issuers should be treated under the Act. A related concept release solicited comment on provisions of the Act that might be