Sat, Apr 21, 2018
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. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its