On April 14, the Commodity Futures Trading Commission (CFTC) at its open meeting unanimously approved two proposed rules regarding (1) amendments to Form CPO-PQR and related filing requirements for commodity pool oOperators (CPOs); and (2) amendments to the rules governing the treatment of swaps entered into by certain financial institutions.
The first proposal would largely eliminate the pool-specific reporting requirements in existing Schedules B and C of Form CPO-PQR, amend the information in existing Schedule A of the form to request Legal Entity Identifiers for CPOs and their operated pools, and eliminate questions regarding pool auditors and marketers. Additionally, the CFTC would no longer accept the filing of Form PF in lieu of the revised Form CPO-PQR. For more information, please see Katten’s recently issued Advisory on the proposed amendments to Form CPO-PQR, available here.
The second proposal would exempt swaps entered into with certain central banks, sovereign entities and international financial institutions from the clearing requirement set forth in Section 2(h)(1) of the Commodity Exchange Act. The comment period for both proposed rules expires 60 days after publication in the Federal Register.
The CFTC press release, with a link to the proposed rules, is available here.