Abstract
In February 2012, the US Commodity Futures Trading Commission (CFTC) adopted new rules amending its registration and compliance requirements for entities deemed to be ‘commodity trading advisors’ (CTAs) or ‘commodity pool operators’ (CPOs). Owing to the changes, many previously exempt investment advisers and managers of private funds that trade derivatives (directly or indirectly through funds-of-funds or other vehicles) will be required to register with the CFTC as CTAs or CPOs. This article explains the CFTC's technical rule changes, describes other remaining exemptions for US and non-US CTAs and CPOs, and summarizes some of the compliance obligations and other practical consequences of registration for managers and advisers of private funds (whether based in the United States or outside of the United States) that directly or indirectly maintain exposure to regulated derivatives contracts. In particular, this article focuses on swaps trading, in light of changes to the regulatory regime for swaps simultaneously underway in the United States.
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