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September 06, 2012
NFA Makes Available to Persons Operating or Advising Pools Pursuant to an Exemption under 4.13(a)(4) an Option to Pre-File for Other CFTC Exemptions
On February 24, 2012, the CFTC issued final rules amending CFTC Part 4 Regulations to rescind the exemption from CPO registration available to persons offering certain qualifying pools under CFTC Regulation 4.13(a)(4). Persons that currently operate a pool(s) pursuant to a 4.13(a)(4) exemption may continue to operate the pool pursuant to that exemption until December 31, 2012. After that date, in order to continue operating the pool, the person operating the pool must either be registered as a CPO and an NFA Member or qualify for exemption from registration under CFTC 4.13(a)(3). A person operating a 4.13(a)(4) pool that does not qualify for an exemption under 4.13(a)(3) may, after registering as a CPO, be able to avail itself of relief from certain regulatory requirements for the pool if the pool qualifies for an exemption under CFTC Regulation 4.7, 4.12 or CFTC Advisory 18-96. To determine whether you qualify for any of these exemptions, please consult CFTC Regulations - Part 4 and NFA's CFTC Part 4 Exemption Easy Reference Guide.
To assist persons currently operating a pool pursuant to a 4.13(a)(4) exemption that will qualify for an exemption under CFTC Regulation 4.7, 4.12 or CFTC Advisory 18-96, NFA is modifying its Electronic Exemption System to permit these persons to pre-file for the applicable exemption, with an effective date of January 1, 2013. By choosing the pre-filing option, the operator will not become subject to the additional reporting and disclosure requirements related to the newly claimed exemption until 2013. In order to pre-file an exemption, the firm must be registered or pending registration as a CPO (See Notice to Members 1-12-12 for information on pre-filing for registration with a January 1, 2013 effective date) and must have previously filed a 4.13(a)(4) exemption or a related no-action for the pool with the CFTC or NFA.
All exemptions other than an exemption under CFTC Advisory 18-96 must be filed through NFA's Electronic Exemption System at http://www.nfa.futures.org/NFA-electronic-filings/exemptions.HTML. An exemption under CFTC Advisory 18-96 must be filed in hard copy form with NFA's Compliance Department and must indicate that the filer is pre-filing for a January 1, 2013 effective date.
To pre-file an exemption electronically:
Questions concerning these changes should be directed to Michael Mason, Manager, Compliance (firstname.lastname@example.org or 312-781-1447) or Kaitlan Chi, Manager, Compliance (email@example.com or 312-781-1219).