Key takeaways:

• National Futures Association (“NFA”) Compliance Rule 2-45 and its related Interpretive Notice (“Rule 2-45”) prohibits NFA Member CPOs from permitting their commodity pools to make a loan or advance of pool assets to such CPO or any other affiliated person or entity.
• A Proposed Amendment from the NFA would require Member CPOs that were exempt from registration prior to December 31, 2012 to report existing loans or advance arrangements that would violate Rule 2-45 within 30 days of either (i) the effective date of any amendments to Rule 2-45 or (ii) becoming a Member CPO, whichever occurs latest.
• In addition, the Proposed Amendment provides guidance that certain transactions with characteristics similar to a loan are not a violation of Rule 2-45 if certain conditions are met, including those associated with short securities sales; cash financings; guarantee obligations; repurchase or reverse-repurchase agreements; tax-related distributions; and certain transactions by pools that are also a RIC or BDC.