CFTC Grants No-Action Relief for Managers of New Funds

July 18, 2012

On July 10, 2012, the Commodity Futures Trading Commission (the “CFTC”) issued temporary no-action relief for certain commodity pool operators (“CPOs”) with respect to pools launched after July 10, 2012. A CPO that would have been exempt from registration but for the recent rescission of Regulation 4.13(a)(4) is exempt from registration with respect to any new pool until December 31, 2012. To claim this relief, a CPO must state its eligibility by making specified representations in an electronic filing with the CFTC. Please contact an attorney in the Investment Management Group at Seward & Kissel if you have any questions regarding this no-action relief.