Commodity Pool Operators

We provide comprehensive services to advisers to futures funds in determining available exemptions, fund formation and structuring, CPO registration and on-going compliance with NFA reporting regulations and disclosure requirements.

With limited exceptions, managers who advise private funds that trade futures contracts, options on futures, retail off-exchange forex contracts or swaps, or invest in another commodity pool must register with the Commodities Futures Trading Commission and obtain membership with the National Futures Association as commodity pool operators (more information on the registration and compliance requirements for CPOs can be found at CPO White Paper). We provide comprehensive services to advisers to futures funds in determining available exemptions, fund formation and structuring, CPO registration and on-going compliance with NFA reporting regulations and disclosure requirements. Among our services are the following:

• Counsel as to available exemptions to CPO status under CFTC Regulations 4.13(a(2) and 4.13(a)(4) or any other available exemption;
• Obtaining NFA online registration system access after proceeding through the account establishment process;
• Prepare and file the CPO registration application under Form 7-R;
• Prepare and file CPO principal and associated person applications under Form 8-R;
• Prepare comprehensive disclosure documents outlining the CPO’s investment program, fees and expenses, principal risk factors, break even analysis, redemption provisions, performance disclosures and other required information; and
• Liaise with the NFA and respond to any questions or comments from compliance personnel in connection with the CPO application or to the disclosure documents.

After the CPO is registered with the CFTC, provide on-going counsel as to quarterly and annual compliance, reporting and disclosure requirements.