United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2026_register executive 2026-08-21 article Proposed Rules D09002ee1e7151051 D09002ee1e7151516 United States Commodity Futures Trading Commission originator org United States Government Agency or Subagency The Commodity Futures Trading Commission ("Commission" or "CFTC") is proposing several amendments to its registration requirements for certain commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") to reduce duplicative and overlapping regulation and reflect inflation ("Proposal"). The Proposal would add an exemption from CPO registration for certain investment advisers registered with the Securities and Exchange Commission ("Registered Investment Advisers" or "RIAs") in relation to commodity pools for which the participants are limited to certain sophisticated investors and which meet other conditions; add a related registration exemption for CTAs; and increase the total gross capital contributions threshold in the CPO registration exemption for small commodity pools (commonly referred to as the "Small Pool Exemption") to account for inflation. The Commission preliminarily intends for the Proposal, if adopted, to supersede certain no-action positions issued by the Commission's Market Participants Division ("MPD"). 91 FR 54264 https://www.govinfo.gov/app/details/FR-2026-08-21/2026-17079 2026-17079 fr21au26-21 RIN 3038-AF78 6351-01-P https://www.govinfo.gov/app/details/FR-2026-08-21/2026-17079 https://www.govinfo.gov/content/pkg/FR-2026-08-21/html/2026-17079.htm https://www.govinfo.gov/content/pkg/FR-2026-08-21/pdf/2026-17079.pdf Commodity Pool Operators Commodity Trading Advisors Investment Advisers Reporting and Recordkeeping Requirements Securities Swaps 17 p. 54264 54280 91 FR 54264 Title 17 Part 4 17 CFR Part 4 RIN 3038-AF78 Commodity Pool Operators and Commodity Trading Advisors: Reduction of Duplicative Regulation Through Intermediary Registration Exemptions; Expansion of the Exemption for Small Commodity Pools; Federal Register Vol. 91, Issue PRORULE 2026-17079 COMMODITY FUTURES TRADING COMMISSION 2026-10-05 6351-01-P 2026-17079 Notice of proposed rulemaking.

The Commodity Futures Trading Commission ("Commission" or "CFTC") is proposing several amendments to its registration requirements for certain commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") to reduce duplicative and overlapping regulation and reflect inflation ("Proposal"). The Proposal would add an exemption from CPO registration for certain investment advisers registered with the Securities and Exchange Commission ("Registered Investment Advisers" or "RIAs") in relation to commodity pools for which the participants are limited to certain sophisticated investors and which meet other conditions; add a related registration exemption for CTAs; and increase the total gross capital contributions threshold in the CPO registration exemption for small commodity pools (commonly referred to as the "Small Pool Exemption") to account for inflation. The Commission preliminarily intends for the Proposal, if adopted, to supersede certain no-action positions issued by the Commission's Market Participants Division ("MPD").

Comments must be in writing and received by October 5, 2026. DJ Hennes, Director, dhennes@cftc.gov; Frank Fisanich, Deputy Director, ffisanich@cftc.gov; Jacob Chachkin, Associate Director, jchachkin@cftc.gov; Michael Ehrstein, Special Counsel, mehrstein@cftc.gov; Elizabeth Groover, Special Counsel, egroover@cftc.gov; or Catherine Brescia, Attorney-Advisor, cbrescia@cftc.gov, each in the Market Participants Division at the Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. Commodity Pool Operators Commodity Trading Advisors Investment Advisers Reporting and Recordkeeping Requirements Securities Swaps Commodity Pool Operators and Commodity Trading Advisors Reduction of Duplicative Regulation Through Intermediary Registration Exemptions; Expansion of the Exemption for Small Commodity Pools, cbrescia@cftc.gov dhennes@cftc.gov egroover@cftc.gov ffisanich@cftc.gov jchachkin@cftc.gov mehrstein@cftc.gov http://RegInfo.gov https://www.bls.gov/data/inflation_calculator.htm https://www.cftc.gov/csl/14-116/download https://www.cftc.gov/csl/25-50/download https://www.cftc.gov/csl/26-06/download https://www.cftc.gov/LawRegulation/CommodityExchangeAct/index.htm https://www.cftc.gov/media/10216/mou_sec_cftc_form_pf/download https://www.cftc.gov/PressRoom/SpeechesTestimony/opaselig2 https://www.cftc.gov/PressRoom/SpeechesTestimony/opaselig4 https://www.cftc.gov/sites/default/files/idc/groups/public/@lrlettergeneral/documents/letter/14-126.pdf https://www.cftc.gov/sites/default/files/idc/groups/public/@swaps/documents/file/hr93975.pdf https://www.govinfo.gov/content/pkg/CFR-2010-title17-vol1/pdf/CFR-2010-title17-vol1-part4.pdf https://www.regulations.gov https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/private-funds Regulations.gov www.federalregister.gov www.RegInfo.gov Vol. 91, no. 161 Office of the Federal Register, National Archives and Records Administration 2026-08-21 continuing daily deposited born digital 453 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2026-08-21 P0b002ee1e714cef5 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr21au26 https://www.govinfo.gov/app/details/FR-2026-08-21 https://www.govinfo.gov/content/pkg/FR-2026-08-21/pdf/FR-2026-08-21.pdf https://www.govinfo.gov/content/pkg/FR-2026-08-21/xml/FR-2026-08-21.xml fdlp 54211 54655 DGPO 2026-08-21 2026-08-21 FR-2026-08-21 machine generated eng FR FR-2026-08-21 91 161