The Commodity Futures Trading Commission has published a request for comment (the Notice) with respect to a National Futures Association (NFA) petition for rulemaking asking the CFTC to amend Rule 4.5 to restore certain limitations on the activities of registered investment companies (RICs) that claim an exclusion from registration as a commodity pool operator under that rule. The amendments requested by NFA would reinstate the requirements that any RIC claiming an exclusion from registration under Rule 4.5: (1) will not market the RIC as a means of obtaining exposure to commodity futures or options, and (2) will limit its commodity futures and options positions (other than positions held for bona fide hedging purposes) to no more than 5% of the liquidation value of the portfolio. The comment period for the Notice expires on October 18.

The Federal Register release of the Notice is available here, and the June NFA petition is available here.