A 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, options on futures, retail off-exchange forex contracts or swaps, or to invest in another commodity pool.
In general, registration is required unless the CPO qualifies for one of the exemptions from registration outlined in CFTC Regulations 4.5 or 4.13. Examples of entities or individuals that may be exempt include the following:
For more details on the exemptions available, please refer to this summary.
Click here to access Part 4 of the CFTC Regulations, including Rules 4.5 and 4.13 and other rules particularly relevant to CPOs.
If a CPO is qualified for an exemption from registration, the pool operator must electronically file a notice of exemption from CPO registration through NFA's Electronic Exemption Filing System.
All registered CPOs must be Members of NFA in order to conduct futures or swaps business with the public.
A CPO is required to file the following:
Additionally, all registered CPOs engaged in retail off-exchange forex activities are required to:
Additionally, all registered CPOs engaged in swap transactions are required to:
*An application fee is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. In addition, only one application fee is required if the individual is filing an application as both an Associated Person and Principal.
Click here if you do not already have access to the Online Registration System.
NFA publishes several guides to help CPOs meet their regulatory requirements. Visit NFA's publication library for a complete list.
CPOs are required to file their disclosure documents with NFA electronically using NFA's DDoc System. Click here for more information.
NFA Members can file many of their required documents electronically.
You can check the registration status and disciplinary history of any derivatives firm or individual.