Dechert Follow-Up Comment Letter Regarding CFTC Proposed Rulemaking to Amend Regulation 4.5 and Rescind Regulations 4.13(a)(3) and (a)(4)

Dechert issued this comment letter to address the proposed changes to CFTC Regulation 4.5, which currently excludes from the definition of CPO (among other persons) investment companies registered under the Investment Company Act of 1940 as amended, and the proposed changes to CFTC Regulation 4.13(a)(3) as it applies to private funds and to CFTC Regulation 4.13(a)(4) as it applies to private funds and registered investment company wholly-owned offshore subsidiaries. Dechert previously commented on the CFTC’s public notice regarding the National Futures Association’s petition for changes to Regulations 4.5 and 4.13(a)(3),6 as well as the CFTC’s Proposing Release.