Clifford Chance

CFTC confirms December 31, 2012 registration deadline for CPOs

16 July 2012

In February 2012, the Commodity Futures Trading Commission ("CFTC") rescinded long-standing exemptions from registration as commodity pool operators ("CPOs") that were available to managers of commodity pools that were registered investment companies or private funds meeting certain tests.  As a result of the rescission, (a) managers of funds that were relying on those exemptions on April 24, 2012 were given until December 31, 2012 to register as CPOs, and (b) managers who were not relying on the exemptions on April 24, 2012 (which includes managers of new funds) were required to register as CPOs prior to the commencement of marketing of the funds, unless (in both cases) their level of investment in "commodity interests" fell below certain de minimis thresholds.  Under its current interpretation, this rule applies with respect to any fund that has at least one U.S. investor.

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