CPOs and CTAs must electronically file with NFA all notices of exclusion or exemption from the Commodity Futures Trading Commission's (CFTC) Part 4 requirements — namely, all notices of exemption or exclusion required by Regulations 4.5, 4.7, 4.12, 4.13, 4.14 and 4.23.
Information regarding CFTC No-Action letters for certain pooled investment vehicle types
NFA Bylaw 1101 requires NFA Members to conduct business with only those firms and individuals that are registered with the CFTC and Members of NFA, unless they qualify for specific CFTC exemptions. Recently, however, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued several No-Action letters which provide relief from CPO registration for CPOs that operate specific types of pooled investment vehicles.
Please be advised that some claims for relief will not appear in NFA’s BASIC System immediately after being filed. If you are doing business with a CPO claiming relief under these No-Action letters, you should request a copy of such claim for your records.
In February 2012, the CFTC issued final rules that now require any person that claims an exemption or exclusion from CPO registration under CFTC Regulation 4.5, 4.13(a)(1), 4.13(a)(2), 4.13(a)(3), 4.13(a)(5) or an exemption from CTA registration under 4.14(a)(8) to annually affirm the applicable notice of exemption or exclusion within 60 days of the calendar year end. The first notice affirming these exemptions is due for the calendar year ending December 31, 2012 and annually thereafter. Failure to affirm any of the above exemptions or exclusions will be deemed as a request to withdraw the exemption or exclusion and therefore, result in the automatic withdrawal of the exemption or exclusion once the 60 day period has elapsed. At the end of each year, NFA send out an email reminder of the affirmation period. The affirmation process can be completed by logging into the Exemptions System below.
Once logged into the system, you will be directed to the Exemption Index, which lists all Firm Level (at the top) and Pool Level (at the bottom) exemptions on file with NFA. Exemptions requiring affirmation will be identified with an icon in the 'Affirm' column. After clicking on the icon, a pop-up box will appear requesting affirmation that the exemption continues to be effective. By clicking 'OK', the current date will replace the 'Affirm' icon and effectively complete the affirmation requirement for the given exemption for the year. The same process must be completed for each and every exemption on file that requires affirmation.
Failure to affirm an active exemption or exclusion from CPO or CTA registration will result in the exemption/exclusion being withdrawn after the 60 day period has ended. For registered CPOs or CTAs, withdrawal of the exemption/exclusion will result in the firm being subject to Part 4 Requirements for that pool regardless of whether the firm otherwise remains eligible for the exemption/exclusion. For non-registrants, the withdrawal of the exemption may subject you to enforcement action by the CFTC.
You are accessing a system containing U.S. Commodity Futures Trading Commission records. Your usage may be monitored, recorded, and subject to audit, and, by your use, you consent to monitoring and recording. Unauthorized use of the system is prohibited and subject to criminal and civil penalties. For users that are logging into the exemptions system as a registrant, the Commission requires that you use a complex password for accessing Commission records and that you change your password at a regular interval.
Please note that the exemptions system will not be available for use Monday through Friday from 8:00 p.m. to 9:00 p.m. CT. The system may also occasionally be unavailable at other times due to system maintenance.
NFA has produced educational resources demonstrating how CPOs and CTAs can file exemptions:
Click here for a hard-copy of the video tutorial.
This system requires a currently supported version of Microsoft Internet Explorer or Firefox. The highest Internet Explorer (IE) custom security level you may use for this system is Medium-High. NFA recommends keeping browser levels and maintenance current as an overall best practice. Access to confidential data in this system is secured using 128 bit Secure Sockets Layer (SSL). This system also requires cookies and Scripting of Java Applets to be enabled. Contact your network administrator or visit the websites listed below to determine if your system can support these requirements.
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If you have any questions, NFA's Information Center is available Monday through Friday from 8:00 a.m. to 5:00 p.m. CST to answer your questions. Call (312) 781-1410 or toll-free at (800) 621-3570. You may also email inquiries to email@example.com.
You can check the registration status and disciplinary history of any derivatives firm or individual.