CPO Reporting Requirements
Commodity Pool Operators (CPO) have the following reporting requirements:
With few exceptions, each CPO Member must distribute monthly or quarterly account statements to pool participants within 30 days of month-end or quarter-end:
- For pools with net asset value of more than $500,000, CPO Members must distribute monthly account statements.
- For pools with net asset value less than $500,000 or exempt pools under CFTC Regulation 4.7, CPO Members must distribute quarterly account statements.
With few exceptions, each CPO Member must distribute an Annual Report, certified by an independent public accountant, to pool participants within 90 days of the pool's fiscal year-end. CPOs are also required to file this report with NFA using EasyFile. CPOs can monitor their filings and review their due dates for each pool in the EasyFile system.
Annual Report calls are not generated for pools designated as master funds in the Annual Questionnaire. Instead, Annual Reports for master funds are submitted with their respective feeder fund statements.
If a CPO is operating a pool under an umbrella-series structure and elects to file the Annual Report at the umbrella level, data should not be submitted into the series-level filings. After the firm submits the umbrella filing, EasyFile will automatically indicate that the series-level filings have been received. The same is true for the umbrella filing if the firm elects to file at the series level.
See Extension Requests below if operating a pool that qualifies as a fund of funds. Refer to the CFTC's annual letter for useful tips on preparing a pool Annual Report.
Pool Quarterly Reports (PQR)
Each CPO Member that operates pools for which it has reporting obligations under Part 4 of the CFTC's regulations must, using EasyFile, report to NFA or the CFTC, on a quarterly basis, specific information about the firm and the pools that it operates. These pool quarterly reports (PQR) are due within 60 days of the quarters ending March 31, June 30, and September 30. Reports for the quarter ending December 31 are due within:
- 90 days of the calendar year end for small (AUM <$150 million) or mid-size CPOs (AUM >$150 million <$1.5 billion)
- 60 days for large CPOs (AUM> $1.5 billion)
Each PQR report filed after its due date will be subject to a late filing fee of $200 for each business day it is late. Under Bylaw 1303, failure to pay the late filing fee within 30 days of the due date will be deemed by NFA as a request by the CPO to withdraw from NFA membership.
All PQR reports must be filed using EasyFile. The content of the PQR filing will depend upon the CPO's highest AUM during the reporting period. All required content displays within the PQR for that quarter.
CPOs that file a Form PF with the SEC are still required to file a PQR with NFA for quarters ending March 31, June 30, September 30 and with the CFTC for quarter ending December 31. The December 31 CFTC filing satisfies NFA's December 31 filing.
CPOs must comply with the due dates referenced in EasyFile or request an extension pursuant to CFTC Regulation 4.22(f)(1). Any extension request must be filed with NFA prior to the report's original due date. However, CPOs that are requesting an extension beyond 180 days after the pool's fiscal year-end must file the request with the CFTC.
If a CPO is operating a pool that qualifies as a fund of funds and needs additional time to file an audited Annual Report, the notice required by CFTC Regulation 4.22(f)(2) must be filed with NFA by the Annual Report's original due date. CPOs that have previously filed this fund of funds notice do not need to file in subsequent years. The due date will be automatically extended in EasyFile.
Extension requests may not be submitted for PQR filings.
Whenever a pool ceases trading, CPO Members are required to distribute to participants a final Annual Report and file the Annual Report with NFA. This liquidation statement is due within 90 days after the permanent cessation of trading.
If the final distribution of pool assets has not been made as of the balance sheet date, a subsequent event note to the financial statements should disclose the date on which all pool assets were, or are expected to be, distributed to participants.
Update the Annual Questionnaire for any pools that have ceased trading.Access the System for the Annual Questionnaire
Learn more about requests for confidential treatment of commodity pool Annual Reports.Learn more about CPO Annual Reports