Petition of the National Futures Association, Pursuant to Rule 13.2, to the U.S. Commodity Futures Trading Commission To Amend of the Rule 4.5

摘要

The National Futures Association ("NFA") has petitioned the Commodity Futures Trading Commission ("Commission" or "CFTC") to amend a rule that excludes certain otherwise regulated persons from the definition of the term "commodity pool operator" ("CPO") with respect to certain qualifying entities. The rule presently requires any person desiring to claim the exclusion to file a notice of eligibility with NFA, which must identify the qualifying entity to be operated pursuant to the exclusion. NFA requests the Commission amend its rule to limit the scope of the exclusion for registered investment companies ("RICs"). Specifically, NFA has requested that any RIC include in its notice of eligibility a representation that the RIC's qualifying entity (1) Will use commodity futures or commodity options contracts solely for bona fide hedging purposes, (2) will not have the initial margin and premiums required to establish any commodity futures or commodity options not used for bona fide hedging purposes exceeding five percent (5%) of the liquidation value of the qualifying entity's portfolio, and (3) will not be marketed to the public as a commodity pool or as a vehicle for investment in com