Mon, Jul 25, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

CFTC grants no-action relief from registration to family offices that are commodity pool operators

Tuesday, December 11, 2012
Opalesque Industry Update: The CFTC recently granted no-action relief to family offices that are commodity pool operators ("CPOs") from CPO registration with the CFTC. This relief is not self-executing; a family office that is a CPO must provide notice to the CFTC in order to claim the relief.

Required Conditions for No-Action Relief Eligibility

To qualify for the relief, a CPO that is a family office must:

  • submit a claim to take advantage of the relief; and
  • remain in compliance with the meaning and intent of a "family office" as defined in Rule 202(a)(11)(G)-1 of the Investment Advisers Act of 1940 (the "Advisers Act").[1]
Action Required to Claim the Relief

As the no-action relief is not self-executing, an eligible family office CPO must file a claim with the CFTC via email requesting the relief. Provided that the claim is complete, the relief will be effective upon filing. The claim for the no-action relief must:

  • state the name, main business address, and main business telephone number of the CPO claiming the relief;
  • state the capacity (i.e., CPO) and, where applicable, the name of the pool(s) for which the claim is being filed;
  • state that the CPO is a family office within the meaning and intent of Rule 202(a)(11)(G)-1 of the Advisers Act and that the CPO will notify the CFTC if it ceases to meet the family office definition;
  • be electronically signed by the CPO; and
  • be filed with the CFTC's Division of Swap Dealer and Intermediary Oversight (the "DSIO") by email at dsionoaction@cftc.gov using the subject line "Family Office."

Deadlines for Claiming the Relief

For a family office in operation as of December 1, 2012, the claim must be emailed to the DSIO prior to December 31, 2012.

For a family office that begins to operate after December 1, 2012, the claim must be emailed to the DSIO within 30 days after it begins to operate as a family office.

Sadis & Goldberg LLP

Press Release

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. Opalesque Exclusive: ArbitrOption outperforms benchmarks, up 7.18% in H1[more]

    Komfie Manalo, Opalesque Asia: Independent registered advisor ArbitrOption breezed through the tumultuous Brexit referendum and outperformed its benchmarks. ArbitrOption was up 7.18% in the first half of 2016 compared to the S&P 500 which gain

  4. Europe - European hedge funds shrink and shutter as turmoil hurts returns, Investors go bargain-hunting for U.K. property after Brexit vote, Brexit: Guidance for fund directors - what to know and what to ask[more]

    European hedge funds shrink and shutter as turmoil hurts returns From Bloomberg.com: Europe’s hedge-fund industry contracted for a sixth straight quarter as the U.K.’s decision to leave the European Union and concerns that China’s growth is slowing caused losses and forced some money man

  5. Platinum Partners starts liquidation of hedge funds following municipal union kickback scandal[more]

    Komfie Manalo, Opalesque Asia: Platinum Partners, the hedge fund in the middle of a New York City municipal union kickback investigation, is reported to be liquidating two of its funds, the New