The CFTC and the SEC recently “adopted a joint rule that defines which financial instruments will be considered “swaps” under the jurisdiction of the CFTC, which instruments will be considered “security-based swaps” under the jurisdiction of the SEC, and which instruments are “mixed swaps” subject to the jurisdiction of both agencies.” An excellent summary by Proskauer’s Hedge Fund Practice Group warns, “Managers of private funds holding or trading any swaps subject to CFTC jurisdiction will need to register or file for an exemption with the CFTC by December 31, 2012 (or if later, by 60 days from the publication of the new rule in the Federal Register).“ In its 2012 Midyear Client Update, Sidley Austin LLP notes: “The CFTC has finalized many of its Dodd-Frank implementing regulations, while the SEC has proposed, but not yet finalized, the majority of its Dodd-Frank implementing regulations.”
Investment Fund Law Blog’s Update on Registration Requirements
Sidley Austin LLP Information CPO and CTA Exemptions
