CFTC Issues Interpretative Guidance to Equity REITs and Certain Securitization Vehicles
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- Certain real estate investment trusts that primarily derive their income from the ownership and management of real estate and use derivatives for the limited purpose of mitigating their interest rate and currency exposure are considered to be outside the definition of commodity pool under the Commodity Exchange Act.
- Certain securitization vehicles that are operated consistent with Regulation AB or Rule 3a-7 under the Investment Company Act and comply with enumerated requirements are considered by the CFTC to be outside the definition of commodity pool under the Commodity Exchange Act.