The Commodity Futures Trading Commission yesterday adopted final regulations regarding certain compliance obligations applicable to certain funds whose advisors are now required to register as commodity pool operators, as a result of 2012 amendments to CFTC rules. In general, the CFTC will permit such entities — under the doctrine of substituted compliance — to comply with applicable Securities Exchange Commission requirements in order to satisfy their obligation to comply with comparable CFTC requirements.
In doing so, however, the CFTC also amended certain provisions of CFTC Rules applicable to all CPOs and commodity trading advisors. As a result, all CTAs and CPOs should review these new requirements, let alone registered investment companies whose advisors are required to register as CPOs.