On July 13, 2012, the Division of Swap Dealer and Intermediary Oversight of the U.S. Commodity Futures Trading Commission issued a no-action letter that will enable certain commodity pool operators and commodity trading advisors to remain exempt from registration as CPOs and CTAs, respectively, through December 31, 2012. The Letter extends from July 13th until December 31st the ability of a CPO to remain exempt from registration with respect to certain newly launched pools without regard to the level of commodity trading in which the pools engage.
