Dechert Files Comment Letter in Response to the CFTC’s Proposed CPO and CTA Registration Exemptions

On October 5, 2026, Dechert LLP submitted a comment letter in response to the Commodity Futures Trading Commission’s (CFTC) proposed registration exemptions for commodity pool operators (CPOs) offering private commodity pools to sophisticated investors without limits on commodity interest trading, and for commodity trading advisors (CTAs) advising those pools.

Drawing on Dechert’s extensive experience advising registered and exempt CPOs and CTAs on U.S. and cross-border regulatory matters, the letter provides recommendations and observations regarding:

• Proposed revisions to the new exemption under CFTC Regulation 4.13, including suggested modifications to improve its effectiveness and practicality.
• Related amendments to other CFTC regulations that would help ensure the proposed framework is workable for CPOs relying on Regulation 4.13(a)(4), particularly where existing cross-references and regulatory developments since 2003 create implementation challenges.
• The proposed CTA registration exemption under CFTC Regulation 4.14, including recommendations intended to facilitate its practical application.

Read “Dechert CFTC Comment Letter RIN 3038-AF78" authored by Philip Hinkle, Michael McGrath, and Audrey Wagner.