Attention hedge funds, private equity funds, venture capital funds and other private funds. This evening, the CFTC Division of Swap Dealer and Intermediary Oversight issued CFTC Letter 14-116 providing exemptive relief (for some funds) from the general solicitation restrictions in CFTC Rules 4.7 and 4.13(a)(3) to harmonize the CFTC rules with the SEC rules changes arising from the Jumpstart Our Business Startups Act.
Until now, many private funds have been unable to take advantage of provisions in the JOBS Act permitting general solicitation of investors due to restrictions in CFTC Rules 4.7 and 4.13(a)(3).… Continue Reading
(192 pages). AGENCY SUMMARY: The Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission ("SEC") (collectively, "we" or the "Commissions") are adopting new rules under the Commodity Exchange Act and the Investment Advisers Act of 1940 to implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. … Continue Reading
The Notice of Proposed Rulemaking has been published in the Federal Register (available here) in respect of the proposed changes to CFTC Rules 4.5, 4.13 and 4.14 (i.e., fund and adviser exemptions from CPO and CTA registration). The comment period is open until April 12th. Thoughts will be forthcoming soon… Good day. Good writing. TSR… Continue Reading
Just last night, I sat back and said to myself, "I wish that the CFTC would issue another 140+ page NOPR." Well, today they posted the NOPR in respect of CFTC Rules 4.5, 4.13, and 4.14. It has not yet been published in the Federal Register, so the comment period is not yet open. And, TSR … Continue Reading