Commodity Pool Operators and Commodity Trading Advisors: Reduction of Duplicative Regulation Through Intermediary Registration Exemptions; Expansion of the Exemption for Small Commodity Pools

What it does

The Commodity Futures Trading Commission ("Commission" or "CFTC") is proposing several amendments to its registration requirements for certain commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") to reduce duplicative and overlapping regulation and reflect inflation ("Proposal"). The Proposal would add an exemption from CPO registration for certain investment advisers registered with the Securities and Exchange Commission ("Registered Investment Advisers" or "RIAs") in relation to commodity pools for which the participants are limited to certain sophisticated investors and which meet other conditions; add a related registration exemption for CTAs; and increase the total gross capital contributions threshold in the CPO registration exemption for small commodity pools (commonly referred to as the "Small Pool Exemption") to account for inflation. The Commission preliminarily intends for the Proposal, if adopted, to supersede certain no-action positions issued by the Commission's Market Participants Division ("MPD").

The Commodity Futures Trading Commission's summary, as published in the Federal Register.

What it would change

1 part of Title 17 of the Code of Federal Regulations:

17 CFR 4

Before this

No earlier Federal Register document under regulation identifier 3038-AF78 since Jan. 1, 2025.

What happens next and when

Comments must be in writing and received by October 5, 2026.

The agency's dates, word for word.

Check it yourself

• The document in the Federal Register
• Docket CFTC-2026-1849 on Regulations.gov
• Title 17 on eCFR

The record as published

Source: the Federal Register (public domain). The document in the Federal Register