On March 24, 2020, the Commodity Futures Trading Commission (“CFTC”) issued its final interpretive guidance (the “Interpretation”) concerning the meaning of “actual delivery” in the context of retail commodity transactions involving “virtual currencies.” The Interpretation provides that, in the CFTC’s view, actual delivery of retail commodity transactions in virtual currency has occurred where, within 28

On December 17, 2019, three different divisions of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters intended to facilitate the swaps market’s transition away from interbank offered rates (each, an “IBOR”) and toward alternative benchmarks. The letters responded to requests for relief made by the Alternative Reference Rates Committee (the “ARRC”), the group convened

On May 2, 2018, staff of the Division of Market Oversight of the Commodity Futures Trading Commission (“CFTC”) issued an interpretation regarding CFTC Reg. 150.4(b)(1), 17 CFR 150.4(b)(1), which provides an exemption from the CFTC’s position limits aggregation rules for certain passive investors in commodity pools (CFTC Staff Letter No. 18-12).

In general, market participants

The U.S. House of Representatives on June 24, 2014, passed a version of the CFTC reauthorization bill, H.R. 4413, that would exclude investment advisers to registered investment companies (RICs) from the definitions of commodity pool operator (CPO) and commodity trading advisor (CTA) if they limit their advice and trading activity to “financial commodity interests.”

H.R.

Should the National Futures Association (NFA) impose capital requirements on commodity pool operators (CPOs) and commodity trading advisors (CTAs)? On January 23, 2014, the NFA published a Notice to members seeking public comments on this controversial proposal. The proposal does not appear to exclude advisers of registered investment companies that are required to register

On January 2, 2014, the U.S. Commodity Futures Trading Commission (CFTC) ordered a Russian foreign national to pay a $250,000 civil penalty for making false and misleading statements to CFTC staff in an interview during an enforcement investigation. The CFTC issued the penalty pursuant to new authority under the Dodd-Frank Act, which amended the Commodity

This week the CFTC executed a welcome U-turn and adopted final rules that implement a “substituted compliance” approach for disclosure and compliance obligations of registered investment companies (RICs) that are also commodity pools. Rather than requiring that RICs comply with the sometimes inconsistent disclosure, compliance and financial reporting regulations of both the SEC and the