Notices to Members

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Notice I-11-10

June 17, 2011

CFTC Amends Its Regulations to Provide Certain Relief for Commodity Pool Operators of Commodity ETFs and Certain Independent Directors or Trustees of These Commodity Pools

The Commodity Futures Trading Commission (CFTC) recently amended its Part 4 Regulations to provide relief from certain disclosure, reporting, and recordkeeping requirements for commodity pool operators (CPOs) of commodity pools whose units of participation are listed and traded on a national securities exchange (Commodity ETFs). This action, now falling under CFTC Regulation 4.12(c), codifies relief which CFTC staff previously had issued to these CPOs on a case-by-case basis. It also codifies under CFTC Regulation 4.13(a)(5) relief from the CPO registration requirement for certain independent directors or trustees of these actively-managed commodity pools that CFTC staff similarly has issued.

These amendments also require that requests for relief under CFTC Regulations 4.12(c) and 4.13(a)(5) be filed through NFA's electronic exemption system available at by a person duly authorized to bind the CPO or CTA.

The amendments are effective June 17, 2011. Any Commodity ETF or independent director or trustee which was previously granted relief from these requirements by CFTC staff need not file a request for relief under CFTC Regulations 4.12(c) and 4.13(a)(5).

If you have any questions concerning the electronic exemption system or these amendments, please contact Mary McHenry at or 312-781-1420, Susan Koprowski at or 312-781-1288, or NFA's Information Center at 800-621-3570.

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