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CFTC Adopts Harmonization Rules for Registered Investment Company CPOs; Amends Rules for all CPOs and CTAs
30 August 2013
The Commodity Futures Trading Commission (“CFTC”) issued new rules that generally provide a substitute compliance regime wherein a commodity pool operator (“CPO”) of a registered investment company (a “RIC CPO”) may be deemed compliant with certain CFTC disclosure, reporting, and recordkeeping requirements through compliance with obligations already imposed by the Securities and Exchange Commission (“SEC”).
A RIC CPO that elects to rely on the substitute compliance regime must file with the National Futures Association (the “NFA”) notice of its use of the substitute compliance regime, notice of its use of third-party recordkeeping service providers if applicable, and the financial statements prepared pursuant to SEC obligations.
The new rules also modify several CFTC regulations for all CPOs, in relevant part by (i) permitting all CPOs to use third-party service providers to maintain their books and records, (ii) rescinding the signed acknowledgement requirement under § 4.21(b) for all CPOs, and (iii) permitting all CPOs and commodity trading advisors to use a Disclosure Document for up to twelve months from the date of the document.
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