Nfa net liquidating value
Such regulation includes providing disclosure documents to pool participants that are subject to review by NFA and recordkeeping and periodic and annual reporting requirements, including delivery of audited annual financial statements. Full registration as a CPO is a relatively involved process and typically takes from six to eight weeks to complete. Annual Notice Currently, Rules 4. The rescinding of 4. At least one Principal will be required to be registered as an AP.
In response to requests from commenters, the CFTC confirmed "that the investment adviser for the registered investment company is the entity required to register as the CPO," if registration is required. At least one Principal will be required to be registered as an AP. Prior to the adoption of the Final Rules, there was a lack of clarity around which entity or persons might be considered to be the CPO of a registered investment company that was deemed to be a commodity pool. The Final Rules, however, only rescinded Rule 4. The changes will impact a wide variety of private funds and other investment managers, such as family offices. Accordingly, a Private Fund that will now be required to register an operator as a CPO due to the rescission of Rule 4. The Final Rules require that on an annual basis, in order to retain eligibility for the exemption, persons who are still eligible for relief under Rules 4. Full registration as a CPO is a relatively involved process and typically takes from six to eight weeks to complete. Many in the industry were concerned that a registered investment company's board of trustees or directors would be required to register. Those investment advisers required to register as CPOs as a result of changes in Rule 4. Prior to August , any of the regulated persons claiming eligibility for the exclusion under Rule 4. In a comment letter, however, National Futures Association NFA suggested broadening the scope of the coverage to apply the same types of limits on banks and trust companies as the revised rule does on registered investment companies. The rescinding of 4. The CFTC recognized that requiring trustees or directors to register as CPOs "would raise operational concerns for the registered investment company as it would result in piercing the limitation on liability for actions undertaken in the capacity as director. The rescission of Rule 4. If you have any questions or would like more information on any of the issues discussed in this LawFlash, please contact any of the following Morgan Lewis attorneys: Banks, benefit plans, and insurance companies currently relying on the exemption are unaffected by the changes and may continue to conduct their commodity pool businesses without registration. Such regulation includes providing disclosure documents to pool participants that are subject to review by NFA and recordkeeping and periodic and annual reporting requirements, including delivery of audited annual financial statements. Annual Notice Currently, Rules 4. The rule further required that participation in the qualifying entity not be marketed as participation in a commodity pool or otherwise as a vehicle for trading commodity futures or options.
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