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    The Commodity Futures Trading Commission is proposing amendments to Part 4 of its regulations to conform them to changes made by the Dodd-Frank Act relating to commodity pool operators and commodity trading advisors. The Dodd-Frank Act expanded the definitions of these terms to include persons operating collective investment vehicles that trade swaps or provide advice on swaps. The proposed amendments would update the definitions in Part 4 and include references to swaps in disclosure, reporting, and recordkeeping requirements to align them with the amended statutory definitions. While other Dodd-Frank rulemakings could also affect Part 4, this proposal focuses on technical, non-substantive amendments to conform the regulations to changes made by the legislation.

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    The Commodity Futures Trading Commission is proposing amendments to Part 4 of its regulations to conform them to changes made by the Dodd-Frank Act relating to commodity pool operators and commodity trading advisors. The Dodd-Frank Act expanded the definitions of these terms to include persons operating collective investment vehicles that trade swaps or provide advice on swaps. The proposed amendments would update the definitions in Part 4 and include references to swaps in disclosure, reporting, and recordkeeping requirements to align them with the amended statutory definitions. While other Dodd-Frank rulemakings could also affect Part 4, this proposal focuses on technical, non-substantive amendments to conform the regulations to changes made by the legislation.

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    15 views1 page

    Cacpocta Qa

    Uploaded by

    MarketsWiki
    The Commodity Futures Trading Commission is proposing amendments to Part 4 of its regulations to conform them to changes made by the Dodd-Frank Act relating to commodity pool operators and commodity trading advisors. The Dodd-Frank Act expanded the definitions of these terms to include persons operating collective investment vehicles that trade swaps or provide advice on swaps. The proposed amendments would update the definitions in Part 4 and include references to swaps in disclosure, reporting, and recordkeeping requirements to align them with the amended statutory definitions. While other Dodd-Frank rulemakings could also affect Part 4, this proposal focuses on technical, non-substantive amendments to conform the regulations to changes made by the legislation.

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    Commodity Futures Trading Commission

    Office of Public Affairs


    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581
    www.cftc.gov

    Q & A – Conforming Amendments to Part 4 Regulations


    What is the goal of the proposed rulemaking?

    The proposal would ensure that Part 4 of the Commission’s regulations, which governs the operations and activities
    of commodity pool operators (CPOs) and commodity trading advisors (CTAs), conforms to changes made to the
    Commodity Exchange Act (CEAct) made by the Dodd-Frank Act.

    Just what are these changes that the Dodd-Frank Act made to the CEAct regarding CPOs and
    CTAs?

    The Dodd-Frank Act amended the CEAct by:

    • Including within the definition of the term “commodity pool operator” persons operating collective
    investment vehicles that trade swaps;
    • Including within the definition of the term “commodity trading advisor” persons who provide advice on
    swap transactions; and
    • Adding a definition of the term “commodity pool” to the CEAct, and that new definition includes swap
    transactions.

    Can you give some examples of what sorts of conforming amendments are being proposed?

    The conforming amendments are intended to bring the Part 4 regulations in line with the new definition of the term
    “commodity pool” in the CEAct and the revised definitions of the terms “commodity pool operator” and
    “commodity trading advisor” – each of which refers to involvement with swaps activities and transactions.
    Accordingly, the Commission has proposed: (1) defining the term “commodity interest” in Part 4 to refer to, among
    other instruments, “swaps;” and (2) including within existing disclosure, reporting, recordkeeping and operational
    requirements references to swaps and swap dealers.

    The Commission has proposed other rulemakings in response to the Dodd-Frank Act that could
    affect the Part 4 regulations – such as the “Proposed Amendments to CPO and CTA Compliance
    Obligations.” How does this proposed rulemaking relate to these other Dodd-Frank rulemakings?

    This proposed rulemaking is more in the nature of technical, non-substantive amendments to Part 4. Nonetheless,
    to the extent there are discrepancies among the various proposed rulemakings affecting Part 4, the Commission
    intends to resolve any such discrepancy in the course of finalizing its rulemaking under the Dodd-Frank Act.

    Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

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