The Regulatory Curve: Developments Involving Commodity Pool Operators and Advisors

Following the enactment of the Dodd-Frank Act, and addition of swaps to the definition of commodity interest, more passive investment vehicles, their managers, and their advisers, must focus on possible characterization as commodity pools. During this briefing partners Matthew Bisanz, Marla Matusic and Anna Pinedo will address:

• Baseline: The definitions of commodity pool, commodity pool operator (CPO), and commodity trading advisor (CTA); The regulations that apply to registered CPOs and CTAs, and corresponding, the desirability of identifying exemptions from registration;
• (Out of) Scope: The scope of relief and exemptions, including the amendments that expand relief for non-US commodity pool operators, foreign intermediaries, pool-by-pool exemptions;
• Sensitive Structures: The types of structures that may raise particular concerns, including funds, trusts, securitization and repackaging vehicles; and
• Inflection Point: The recent staff no-action letters for credit risk transfer transactions, the restoration of the QEP exemption, and related changes, and the areas where further relief could be granted.

CLE credit is pending.

For additional information, please contact Hanson Hairihan at hhairihan@mayerbrown.com.