Would a CPO by any other name be so regulated?

摘要

The National Futures Association (NFA) has petitioned the Commodity Futures Trading Commission (CFTC) to amend Regulation 4.5, which provides an exclusion from the definition of "commodity pool operator" (CPO) for certain qualifying entities, namely registered investment companies.rnThe rule change, if enacted by the CFTC, would go back to the more limited exclusion prior to 2003, which freed certain regulated entities from CPO registration if all their futures and options positions were used solely for bona fide hedging or if those positions only represented 5% of the fund's liquidating value.