Alert January 02, 2013

U.S. Chamber of Commerce and Investment Company Institute Appeal Federal District Court Ruling Upholding Amendments to CFTC Regulations Affecting Registered Investment Companies

The United States Chamber of Commerce and the Investment Company Institute filed a notice of appeal to the U.S. Court of Appeals for the District of Columbia Circuit of the December 2012 ruling by the U.S. District Court for the District of Columbia upholding rulemaking with respect to CFTC Rules 4.5 and 4.27 that imposes additional conditions on an exclusion from the definition of commodity pool operator (“CPO”) available with respect to registered investment companies and creates new reporting requirements for CPOs and commodity trading advisors.  The District Court’s decision was reported in the December 18, 2012 Financial Services Alert.