Tue, Feb 28, 2017
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. Institutional investors plan to raise allocations to alternative assets in 2017[more]

    Komfie Manalo, Opalesque Asia: A survey by Context Summits Miami showed that nearly 72% of institutional investors and family offices plan to raise their allocations to alternative asset managers this year, suggesting continued strong demand for the industry. "As many large, brand name f

  2. Comment - Mortgages, mergers and hedge fund fees, Fairholme's Berkowitz responds to court ruling against hedge fund suits of Fannie Mae[more]

    Mortgages, mergers and hedge fund fees From Bloomberg.com: Yesterday the U.S. Court of Appeals for the D.C. Circuit handed down an odd decision in a lawsuit over the government's nationalization of Fannie Mae and Freddie Mac. The key issue is what's called the "Third Amendment," the 2012

  3. Investing - Hedge funds continue to chase the herd in record Momentum wager, Marshall Wace bets grocer Sainsbury may need rights offering, Hedge fund net exposure has started to retreat, David Tepper's Appaloosa fund makes a huge buy, The 10,000-mile journey to Short Australia, Skeptical hedge fund investors grill Evan Spiegel about Snap's I.P.O.[more]

    Hedge funds continue to chase the herd in record Momentum wager From Bloomberg.com: Hedge funds can't get enough of momentum - even if it means embracing an investing strategy they hate. Loosely defined as betting on shares that went up the fastest over the preceding nine-to-12 months, h

  4. Opalesque Exclusive: Swiss investors take fund seeding and acceleration into their own hands[more]

    Benedicte Gravrand, Opalesque Geneva: Banque Bonhote, a 200-year old Swiss private bank, last year launched a community of investors - heads of Swiss family and advisory offices and wealth managers - with the aim of co-investing in the kind of managers they wanted to invest in, either by way of s

  5. K2 Advisors : Why We Like Activist Hedge Fund Strategies and Some Thoughts on Alpha[more]

    Matthias Knab, Opalesque: Rob Christian, Senior Managing Director, Head of Research K2 Advisors, Franklin Templeton Solutions, writes on Harvest Exchange: When d