On September 9, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division
”) of the US Commodity Futures Trading Commission (“CFTC
”) issued an exemptive letter (“Letter
”) harmonizing certain CFTC restrictions on the marketing of commodity pools with recent US Securities and Exchange Commission (“SEC
”) rulemaking permitting general solicitation and general advertising in connection with certain unregistered securities offerings. Specifically, the Letter will enable commodity pool operators (“CPOs
”) to rely on the broad regulatory relief of CFTC Rule 4.7(b) and the CPO registration exemption in CFTC Rule 4.13(a)(3), even though interests in the applicable commodity pools may be marketed to the public.
View full memo, CFTC Staff Issues Exemptive Letter Facilitating Broader Marketing of Certain Commodity Pools