Dechert Comment Letter Regarding the Harmonization of Compliance Obligations for Registered Investment Companies Required to Register as Commodity Pool Operators

April 25, 2012

Dechert issued this comment letter in response to the proposed rulemaking of the Commodity Futures Trading Commission (“CFTC”) regarding the harmonization of regulatory requirements for investment companies registered under the Investment Company Act of 1940 (“1940 Act”). Under the proposed rules, the investment company advisers would be required to register as commodity pool operators (“CPOs”) and be subject to dual regulation by the CFTC and Securities and Exchange Commission as a result of a separate CFTC rulemaking that modifies the exclusionary relief available under CFTC Regulation 4.5.

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