Alters one criterion for qualification for such exemptions currently granted to: (1) registered commodity pool operators who sell participations in a pool solely to qualified eligible persons in an offering which qualifies for exemption from the registration requirements of the Securities Act, and (2) certain banks registered as commodity pool operators in connection with a pool that is a collective trust fund whose securities are exempt from registration under the Securities Act.

Repeals the current additional criterion for such banks that the securities must be offered or sold, without marketing to the public, solely to qualified eligible persons. Replaces such criterion with one stating simply that the securities must be sold solely to qualified eligible persons. (Thus, eliminates the requirement that such securities be offered or sold without marketing to the public, and so allows such marketing.)

Repeals the current prerequisite for exemption of interests in a commodity pool from registration under the Securities Act of 1933 that such interests be offered and sold without marketing to the public in the United States. Requires such interests, instead, simply to be offered and sold pursuant to specified requirements for exempted transactions. (Thus, also eliminates the requirement that such interests be offered and sold without marketing to the public in the United States, and so allows such marketing.)