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The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued an exemptive letter that provides relief from certain provisions of CFTC Rules 4.7(b) and 4.13(a)(3) which restrict marketing to the public. The letter permits the CPO to a private fund to advertise its offering of the fund broadly, to the extent permitted by the JOBS Act amendments to the Securities Act, without becoming subject to the full scope of CPO regulation. The letter harmonizes Rule 4.7(b) and Rule 4.13(a)(3) under the CEA with both Rule 506(c) of Regulation D and Rule 144A under the Securities Act, which, as

The National Futures Association ("NFA") issued a Notice reminding Members of their obligations with respect to CPOs and CTAs exempt from registration. According to the Notice, the CFTC rules require any person claiming an exemption from CPO registration under CFTC Rule 4.13 ("Exemption from Registration as a CPO"), an exclusion from CPO registration under Rule 4.5 ("Exclusion for Certain Otherwise Regulated Persons from the Definition of the Term 'Commodity Pool Operator'"), or an exemption from CTA registration under Rule 4.14(a)(8) ("Exemption from Registration as a CTA") to annually affirm

The SEC issued a guidance update regarding Charitable Investment Funds that are separate legal entities organized and operated for investment purposes. The SEC staff recently was asked to clarify the exclusion that may be available to Charitable Investment Funds that act as a legal entity separate from the charitable organization that maintains it, and that is organized and operated for the purpose of earning investment returns for the investing charitable organizations, which are to be used exclusively for charitable purposes of specified types ("Permitted Purposes"). The SEC stated that a

The National Futures Association ("NFA") has published guidance on the annual affirmation requirement for entities that are currently operating under an exemption or exclusion from CPO or CTA registration. The guidance states that the CFTC requires any person that claims an exemption or exclusion from CPO registration under CFTC Rule 4.5 ("Exclusion for Certain Otherwise Regulated Persons from the Definition of the Term 'Commodity Pool Operator'") or Rule 4.13 ("Exemption from Registration as a Commodity Pool Operator"), or an exemption from CTA registration under Rule 4.14(a)(8) ("Exemption

The SEC Division of Investment Management ("IM") issued a guidance regarding the application of the exemption from investment adviser registration available to an investment adviser that advises solely on one or more "venture capital funds," as defined in Advisers Act Rule 203(l)-1 ("Venture Capital Fund Defined"). The guidance provides five scenarios which the SEC states are illustrative of the inquiries which the Division of IM has received regarding the venture capital exemption ("VC Exemption"). The Division's responses to the scenarios include the following: The Division would not object