Commodity Pool Operators (CPOs)

A Commodity Pool Operator (CPO) is an individual or organization which operates a commodity pool and solicits funds for that commodity pool. A commodity pool is an enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures contracts or commodity options, retail off-exchange forex contracts or swaps, or to invest in another commodity pool.

CPOs are required to deliver a Disclosure Document to a prospective pool participant prior to or when it delivers the pool subscription agreement to the participant. (This does not apply when the prospective pool participant is another pool operated by the same CPO, or by a CPO who controls, is controlled by or is under common control with the CPO). More...

CPOs are also required to provide NFA and pool participants annual financial statements. In addition, CPOs are required to provide pool participants monthly or quarterly account statements. More...

NFA Rules Resources NFA Compliance Rule 2-13. CPO/CTA Regulations NFA Compliance Rule 2-30. Customer Information and Risk Disclosure NFA Compliance Rule 2-35. CPO/CTA Disclosure Documents NFA Compliance Rule 2-36. Requirements for Forex Transactions NFA Compliance Rule 2-46. CPO and CTA Quarterly Reporting Requirements Regulatory Requirements for Previously Exempt Commodity Pools (web seminar) How to File Disclosure Documents Electronically (web seminar) Tips for Using NFA's Electronic Disclosure Document Filing System (podcast) NFA's Expanded Filing Requirements for Commodity Pool Operators (video tutorials) Disclosure Documents: A Guide for CPOs and CTAs (publication) Self-Examination Questionnaire (publication) Regulatory Requirements for FCMs, IBs, CPOs, and CTAs (publication) CPO/CTA Regulatory Seminar - Chicago (CD) Notices to Members Interpretive Notices I-13-12: Effective Date of Amendments to NFA Compliance Rule 2-46: CPO and CTA Quarterly Reporting Requirements I-13-04: Request for Information: MANDATORY RESPONSE FROM CPOs OPERATING A POOL THAT IS A REGISTERED INVESTMENT COMPANY More... July 1, 1986 Disclosure of Up Front Fees and Certain Expenses August 1, 1992, revised December 10, 2007 CPOs of pools Trading Primarily in Securities August 24, 1995 Break-Even Analysis February 1, 1996 Use of Hypothetical Performance Results