CFTC staff advisory on commodity trading advisers and swaps

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CFTC staff advisory on commodity trading advisers and swaps - .PDF file.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 imposed additional new requirements on commodity trading advisers (CTAs) and amended the definition of CTA in the Commodity Exchange Act (CEA) to include any person who engages in the business of advising others on swaps.

As a result, the CEA and the regulations of the Commodity Futures Trading Commission applicable to CTAs will generally apply to an expanded group of advisers. In addition, certain CTAs previously exempt from registration are now required to register because of the rescission of Regulation 4.13(a)(4) and amendments to Regulation 4.5.

The Division of Swap Dealer and Intermediary Oversight recently issued a staff advisory to inform the newly expanded class of CTAs and those previously exempt CTAs that are now subject to registration as to the general regulatory framework…

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