On May 28, 2020, the Commodity Futures Trading Commission (CFTC or the Commission) proposed a rule (the 2020 Proposal) broadening the exemption under which non-U.S. commodity pool operators (CPOs) operating non-U.S. funds are permitted to engage in activities that would otherwise subject such persons to regulation by the CFTC.  One of the key policy considerations underlying the 2020 Proposal was expressed by CFTC Commissioner Dan Berkovitz in his statement accompanying the 2020 Proposal. Commissioner Berkovitz stated that “the business of commodity investment management has become more global in nature, increasing the complexity of cross border activities by the firms that operate commodity pools.”

Read the full GT Alert, “CFTC Proposes Expanding Exemption for Non-U.S. Commodity Pool Operators.”