Covington & Burling

International Top 30 position: 25

Exemptions and no-action relief help funds navigate year-end CFTC registration requirements

Changes to the US Commodity Exchange Act (the CEA) made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) subjected a large number of fund sponsors, including sponsors of non-US funds with US investors, to the jurisdiction of the US Commodity Futures Trading Commission (the CFTC) for the first time. This occurred because the Dodd-Frank Act amended the CEA to include swaps within the commodity interests that will cause a pooled investment vehicle to be considered a “commodity pool”. As a result, swap use — the CFTC has indicated even a single swap contract — could cause a fund sponsor or manager to be deemed a “commodity pool operator” (CPO) required to register with the CFTC.

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265 Strand
London
WC2R 1BH
UK

Firmwide revenue 2011 ($m): 611
Global lawyers 2011: 781