NFA Sends Questionnaire to CPOs Relying on 4.5 Exemption

January 28, 2013

The National Futures Association (NFA) previously issued a notice to members seeking a mandatory response from any commodity pool operator (CPO) operating a pool that is a registered investment company (RIC). See NFA Notice I-13-04. Request for Information: Mandatory Response from CPOs Operating a Pool That is a Registered Investment Company (Jan. 28, 2013).

The NFA stated that it is requesting this information in order to identify those pools that do not have to comply with certain Part 4 requirements and certain NFA Rules until the Commodity Futures Trading Commission (CFTC) adopts final rules governing the compliance framework for RICs subject to the CFTC jurisdiction. Any CPO operating a pool that is also a registered investment company should provide NFA with this information by February 15, 2013. 

The CPO’s questionnaire contains a question at the end asking whether a pool operated by the CPO is a registered investment company.  The Investment Company Institute has obtained clarification from the NFA staff that only the answer to this question is due by February 15, and that the remainder of the questionnaire need not be completed by a CPO until the anniversary of the CPO’s date of NFA membership.

Click for NFA Notice I-13-04.

Click for the CPO Questionnaire.


Investment Advisers, Investment Companies, Regulatory