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Past Event
15 November 2012


  • J. Paul Forrester
    T +1 312 701 7366
  • J. Bradley Keck
    T +1 312 701 7240

Recent CFTC Clarification of Commodity Pool Treatment for Certain Securitizations and Time-Limited No-Action Relief

On October 11, 2012, the Division of Swap Dealer and Intermediary Oversight (the Division) of the Commodity Futures Trading Commission (CFTC) issued an interpretation clarifying that the definition of “commodity pool” under the Commodity Exchange Act (CEA) does not include securitization vehicles that meet certain specified criteria. The clarification was necessary because the broad definition of that term under the Dodd-Frank Act raised concerns that some structured finance entities entering into swaps could fall under the new definition and that, as a result, certain related parties could be subject to unexpected regulatory requirements or be subject to potential fines, penalties and liabilities.

Additionally, the Division issued a no-action letter providing temporary and conditional registration no-action relief for certain defined “Swap Persons,” including CPOs and commodity trading advisers who became such solely as a result of their involvement with swaps.

On November 15, 2012, please join Mayer Brown partners Paul Forrester and Brad Keck as they discuss the new interpretation and the applicable criteria for “commodity pool” exclusion.

Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

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