DOCSLIB.ORG

Client ALERT December 2002 Proposed Exemptions from Commodity Pool Operator and Commodity Trading Advisor Registration

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Client ALERT December 2002 Proposed Exemptions from Commodity Pool Operator and Commodity Trading Advisor Registration Client ALERT December 2002 Proposed Exemptions from Commodity Pool Operator and Commodity Trading Advisor Registration Introduction CFTC adopt new CPO and CTA reg- from registration as a CPO as In general, unless exempt an operator istration exemptions. described above; of an investment pool (including pri- CPO Exemption. Under the NFA’s l is solely incidental to the person’s vate investment funds) that trades proposal, a person would not be business of providing investment futures contracts or options on required to register as a CPO if: advice regarding instruments that are futures (“financial commodities”) either exempt or excluded from l the pool’s use of financial com- must be registered with the CFTC as CFTC regulation (e.g., securities); and modities (other than solely for bona a commodity pool operator (“CPO”) fide hedging purposes) is limited to l is consistent with the pool’s and/or a commodity trading advisor no more than 5% ofthe pool’s liqui- exempt status under the above (“CTA”). dation value; described CPO exemption. The Commodity Futures Trading l the pool is not marketed to the In addition, the person seeking the Commission (the “CFTC”) recently public as a commodity pool; exemption must not hold itself out as proposed new exemptions from regis- a CTA, must submit to CFTC calls to tration as CPO and CTA aimed at l the pool limits participation to provide information, and must file a persons who engage in limited finan- “accredited investors,” as defined in notice of exemption with the CFTC. cial commodity trading activities.1 Regulation D under the Securities Act The CFTC is also providing tempo- of 1933 (the “Securities Act”); The Managed Funds Association rary immediately available no- l the purpose and scope of the Proposal action relieffrom CPO and CTA reg- pool’s financial commodity trading is istration for persons who meet speci- CPO Exemption.The Managed Funds disclosed to each prospective pool Association (the “MFA”) has pro- fied criteria pending final action on participant; the proposed exemptions.The CFTC posed an exemption applicable to must receive comments on its propos- l the operator submits to calls by pool operators that limit participation als by January 13, 2003. the CFTC to demonstrate its compli- in pools to “qualified eligible per- ance with the exemption; and sons,” as defined in the Commodity Certain exemptions from the CPO Exchange Act (the “Act”), and to cer- l the operator maintains its exempt registration requirement already exist. tain “accredited investors,” as defined pool related books and records for For example, CFTC Rule 4.13 in Regulation D under the Securities five years. exempts operators of small pools that Act. The exemption would apply to do not advertise the pool or receive A person exempt from registration persons who: compensation for operating the pool. under this proposal would need to l operate pools that are exempt CFTC Rule 4.5 exempts persons deliver a written disclosure regarding from registration under the Securities operating certain types of “qualify- the exemption to prospective partici- Act and that are not marketed to the ing” pools (including registered mutu- pants in the pool before soliciting or public in the U.S.; al funds,but excluding private invest- accepting funds, securities or proper- ment funds) who limit their use of ty.The operator must also file this l reasonably believe that all indi- financial commodities (other than for disclosure with the CFTC and the vidual pool participants (i.e.,natural bona fide hedging purposes) to five NFA. persons) are “qualified eligible per- percent of the liquidation value of sons”; CTA Exemption.The NFA has also the pool’s portfolio. proposed a corresponding registration l reasonably believe that all entity exemption for CTAs.As proposed, a pool participants are qualified eligible The National Futures persons or accredited investors; and Association Proposal person need not register as a CTA if the commodity trading advice: The National Futures Association l are not subject to certain disqual- (the “NFA”) has proposed that the l is directed solely to commodity ifications. pools operated by a person exempt Paul, Hastings,Janofsky & Walker LLP 1 The CFTC proposing release is available at http://www.cftc.gov/files/opa/press02/opa17cfrpart4.pdf. Under the proposed exemption, the exceed 50% of the liquidation value Robert A. Boresta 212-318-6272 pool operator would remain subject of the pool’s portfolio. [email protected] to the Act’s anti-fraud and anti- CTA Registration No-Action Relief.The Gary D. Rawitz 212-318-6877 manipulation provisions, and the CFTC will not commence enforce- [email protected] operator must deliver to pool partici- ment action for failure to register as a pants certified year-end financial Kathleen D. Fuentes 212-318-6569 CTA if the adviser: statements within 180 days after the [email protected] z claims no-action relief from end of each fiscal year. The operator Brian F. Hurley 212-318-6531 CPO registration and its commodity would also be required to file these [email protected] statements and a notice of eligibility trading advice is directed solely to with the CFTC, and must submit to pools it operates; or Arlene A. Morris 212-318-6042 [email protected] calls by the CFTC to demonstrate z is registered as an investment compliance. adviser with the SEC or with a state Joseph M. Morriseey 212-318-6917 The MFA proposal does not include a securities regulatory agency, or it is [email protected] corresponding exemption for registra- exempt from such registration, so Christopher Tafone 212-318-6713 tion as a CTA. long as the adviser does not hold [email protected] itself out as a CTA, and the adviser’s commodity interest trading advice: Matthew J. van Wormer 212-318-6962 No-Action Relief [email protected] The CFTC has issued temporary, - is directed solely to pools immediately available, no-action whose operators claim no-action In Los Angeles exemptive relief from CPO and CTA registration relief; Robert E. Carlson 213-683-6299 registration while the proposed [email protected] - is solely incidental to its exemptions are under review. To business of providing securities Michael Glazer 213-683-6207 claim this relief, an operator or advis- advice to such pools; and [email protected] er must file a claim notice with the CFTC and the NFA and disclose the - employs only strategies Chad Conwell 213-683-6158 claim to its prospective and existing consistent with the “notional [email protected] pool participants. Materially complete test” under the CPO no action Laurie Dee 213-683-6163 claims will be effective upon filing. relief. [email protected] The no-action relief appears to Persons who have filed an effective In San Francisco apply only with respect to invest- claim of no-action relief will remain ment pools and not to separately subject to the Act’s prohibitions Julie Allecta 415-856-7006 managed accounts. against fraud. Any final action taken [email protected] CPO Registration No-Action Relief.The by the CFTC on the proposed David A. Hearth 415-856-7007 CFTC will not commence enforce- exemptions will supersede this no- [email protected] action relief, and persons relying on ment action for failure to register as a Mitchell E. Nichter 415-856-7009 the no action relief will have a “suffi- CPO if: [email protected] cient” period of time either to com- z participation in the pool is ply with the final exemption provi- Lawrence S. Hing 415-856-7034 restricted to accredited investors, as sions, or register as a CPO and/or [email protected] defined in Regulation D under the CTA. Securities Act, knowledgeable Catherine MacGregor 415-856-7068 employees, as defined in the If you need assistance in determining [email protected] Investment Company Act of 1940, whether the proposed exemptions or no- Adam Mizock 415-856-7094 non-U.S. persons, as defined under action position apply to your investment fund [email protected] the Act, and the operator and adviser operations, please contact a member of our Thao H. Ngo 415-856-7049 and their affiliates and employees; and Investment Management Group. [email protected] z the aggregate notional value of In New York the pool’s commodity interest posi- Michael R. Rosella 212-318-6800 In Washington, D.C. tions, whether or not entered into for [email protected] Wendell M. Faria 202-508-9574 bona fide hedging purposes, does not [email protected] Client Alert is published solely for the interest of friends and clients of Paul, Hastings, Janofsky & Walker LLP and should in no way be relied upon or construed as legal advice. For specific information on recent developments or particular factual situations, the opinion of legal counsel should be sought. Paul, Hastings, Janofsky & Walker LLP is a limited liability partnership..
Load more

Recommended publications
  • Mutual Fund Observer
    Osterweis Strategic Investment Fund (OSTVX) David Snowball, Publisher This essay first appeared in the May 2021 issue of Mutual Fund Observer In celebration of the May 2021 10th anniversary of the Mutual Fund Observer, we are examining the achievements, a decade on, to the four funds highlighted in our first-ever issue. The Osterweis Strategic Investment Fund, which we categorized as a “most intriguing new fund” back then remains an under-covered gem. A “star in the shadows.” What they do Osterweis starts with a strategic allocation that’s 50% equities and 50% bonds. In bull markets, they can increase the equity exposure to as high as 75%. In bear markets, they Because they don’t like can drop it to as low as 25%. Their argument is that “Over long periods of time, we believe a static balanced allocation of 50% equities and 50% fixed income has the potential to playing by other provide investors with returns rivaling an equity-only portfolio but with less principal risk, lower volatility, and greater income.” Because they don’t like playing by other people’s people’s rules, the rules, the Osterweis team does not automatically favor intermediate-term, investment grade bonds in the portfolio. Since 2017, the fund’s equity exposure has ranged from Osterweis team does about 60–70%. not automatically How they’ve done favor intermediate- Over the past decade, the fund has averaged 9% annual returns, which does match the “equity-like” promise, at least if you use the stock market’s long-term average of about term, investment 10% per year.
    [Show full text]
  • About EFAMA Publications Research and Statistics
    Our site uses cookies so that we can remember you andR uensdeet Prsatsasnwdo rhdo wS iygon uIn use oSuera rschit eth.i sP sliteease read our cookies policy and privacy statement. By clicking OK, you accept our cookie and privacy policy. OK EFAMA Home About EFAMA Publications Research and Statistics About EFAMA Board of Directors (June 2019) EFAMA Secretariat Country Name Association/Company City Board of Directors President Nicolas CALCOEN Amundi AM PARIS Annual Reports V​ ice President M​ yriam VANNESTE Candriam Investor Group B​ RUSSELS Applying for Membership V​ ice President J​ arkko SYYRILÄ Nordea Wealth Management HELSINKI EFAMA Members Austria VÖIG VIENNA National Member Associations Armin KAMMEL Austrian Association of Investment Fund Management Companies Corporate Members Belgium Josette LEENDERS BEAMA BRUSSELS Associate Members Belgian Asset Managers Association Disclaimer Bulgaria Petko KRUSTEV BAAMC SOFIA Bulgarian Association of Asset Management Companies Contact C​ roatia Hrvoje KRSTULOVIĆ C​ roatian Association of Investment Fund Management Companies EFAMA ZAGREB 47 Rue Montoyer 1000 Brussels C​ yprus M​ arios TANNOUSIS C​ yprus Investment Funds Association N​ ICOSIA + 32 (0)2 513 39 69 Czech Republic Jana BRODANI AKAT CR PRAGUE + 32 (0)2 513 26 43 Czech Capital Market Association Contact Us Denmark Birgitte SØGAARD HOLM DIA COPENHAGEN Danish Investment Association Route & Details Finland Jari VIRTA The Finnish Association of Mutual Funds HELSINKI Click France Pierre BOLLON AFG PARIS for French Asset Management Association
    [Show full text]
  • Blackrock Income and Growth Investment Trust Plc August 2021
    BlackRock Income and Growth Investment Trust plc August 2021 The information contained in this release was correct as at 31 August 2021. Key risk factors Information on the Company’s up to date net asset values can be found on the Capital at risk The value of London Stock Exchange website at: investments and the income from https://www.londonstockexchange.com/exchange/news/market- them can fall as well as rise and are news/market-news-home.html not guaranteed. Investors may not get back the amount originally Company objective invested. To provide growth in capital and income over the long term through The companies investments may be investment in a diversified portfolio of principally UK listed equities. subject to liquidity constraints, which means that shares may trade Fund information (as at 31/08/21) less frequently and in small volumes, for instance smaller companies. As a Net asset value - capital only: 201.64p result, changes in the value of investments may be more Net asset value - cum income*: 205.04p unpredictable. In certain cases, it may not be possible to sell the 189.00p security at the last market price Share price: quoted or at a value considered to be fairest. Total assets (including income): £48.0m The Company may from time to time Discount to NAV (cum income): 7.8% utilise gearing. A fuller definition of gearing is given in the glossary. Gearing: 5.9% The latest performance data can be found on the BlackRock Investment Net yield**: 3.8% Management (UK) Limited website at blackrock.com/uk/brig.
    [Show full text]
  • Manulife Diversified Investment Fund1 BALANCED Series F · Performance As at August 31, 2021 · Holdings As at July 31, 2021
    Manulife Diversified Investment Fund1 BALANCED Series F · Performance as at August 31, 2021 · Holdings as at July 31, 2021 Portfolio advisor: Manulife Investment Why Invest Management Limited This global balanced fund provides diversification across all major asset classes and employs a tax-effective overlay strategy to help minimize potential capital gains distributions at year-end. The equity selection process is based on Mawer's disciplined, fundamentally based bottom-up research process, which includes a strong focus on downside protection. Sub-Advisor: Mawer Investment Within fixed income, the fund will take a core position in Canadian government debt. Management Ltd. Growth of $10,000 over 10 years5 Management 32,000 $27,462 Steven Visscher 28,000 24,000 ($) 20,000 Fund Codes (MMF) 16,000 12,000 Series FE LL2 LL3 DSC Other 8,000 Advisor 4502 — 4702 4402 — 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Advisor - DCA 24502 — 24702 24402 — F — — — — 4602 FT6 — — — — 1901 Calendar Returns (%) T6 9502 — 9702 9402 — 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1.99 11.10 20.29 12.56 10.85 3.57 10.33 -0.75 15.62 10.44 Key Facts Inception date: June 27, 2008 Compound Returns (%) AUM2: $914.91 million 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Inception CIFSC category: Global Equity Balanced 2.25 7.00 10.16 8.62 14.06 9.65 8.60 10.36 8.80 Investment style: GARP (%) (%) 3 Geographic Allocation Fixed Income Allocation Distribution frequency : Annual Colour Weight % Name Colour Weight % Name 51.31 Canada 46.96 Canadian provincial bonds 4 Distribution yield : 1.59% 21.91 United States 29.22 Canadian investment grade Management fee: 0.73% 5.17 United Kingdom bonds 2.49 Japan 10.84 Canadian government bonds Positions: 386 1.98 Sweden 6.72 Floating rate bank loans Risk: Low to Medium 1.96 Netherlands 2.50 Canadian corporate bonds 1.95 Switzerland 2.31 Canadian Mortgage-backed Low High 1.85 France securities MER: 1.03% (as at 2020/12/31, includes HST) 1.46 Ireland 1.10 U.S.
    [Show full text]
  • INVESTMENT FUND SUMMARY July 2021
    Investment Plan INVESTMENT FUND SUMMARY July 2021 Florida Retirement System July 2021 Florida Retirement System Build an Investment Portfolio That’s Right for You As an Investment Plan member, you get to choose how your account balance is invested. This brochure can help by making it easy for you Annual Fee Disclosure to understand and compare the Investment Plan funds available to you. On the following pages, you’ll find brief summaries of each fund, Statement Notice including the fund’s investment manager, objective, type, strategy, risk The Annual Fee Disclosure level, fees, and performance history. Statement for the Investment Plan provides information Get Help Choosing Investments concerning the Investment If you’d like help choosing investment funds, be sure to check out these Plan’s structure, administrative resources available to you as a member of the FRS. These services are and individual expenses, and confidential, unbiased, and completely FREE. investment funds, including performance, benchmarks, MyFRS Financial Guidance Line fees, and expenses. This statement is designed to set 1-866-446-9377 (TRS 711) forth relevant information in 8:00 a.m. to 6:00 p.m. ET simple terms to help you make Monday through Friday, except holidays better investment decisions. Call to speak with an experienced EY financial planner. These planners The statement is available work for you and they can help with any issue you think is important to online in the “Investment your financial future. Choose Option 2 for detailed information about all Funds” section on MyFRS.com, the investment funds. or you can request a printed copy be mailed at no cost MyFRS.com to you by calling the MyFRS This is your gateway to tools and information about your FRS Financial Guidance Line at retirement plan.
    [Show full text]
  • Management Alert
    Management Alert New Commodity Pool Rules May Require Immediate Action by 401(k) Plans New regulations adopted in 2012 by the Commodity Futures Trading Commission (“CFTC”) may require 401(k) plans that had previously registered as exempt from CFTC regulation to renew their exemption on an annual basis, with the first renewal being due by March 1. In addition, some plans which have not previously registered may need to do so. In addition to traditional agricultural commodities, the CFTC regulates financial futures, including the type of futures contracts often used for hedging purposes by stock and bond funds. Under the CFTC rules, any investment fund that invests in futures contracts is potentially classified as a “commodity pool”, and any person engaged in the operation of a commodity pool may be considered a “commodity pool operator”, required to be registered with and regulated by the CFTC. A 401(k) investment fund whose advisers use futures as part of their trading strategy (other than solely through investment in a mutual fund) could be considered a “commodity pool” under this definition, which would make the fiduciaries of the 401(k) plan subject to regulation as commodity pool operators. The CFTC regulations provide that the fiduciaries of a retirement plan subject to ERISA are generally exempt from registration as commodity pool operators. However, if the plan provides for employee contributions, such as a 401(k) plan, the plan fiduciaries are required to file a statement with the CFTC claiming the exemption. Prior to 2012, this was a one-time filing. However, in 2012 the CFTC changed the regulations to require any person claiming an exemption from regulation to file an annual statement within 60 days after the end of each year confirming that it still qualifies for the exemption.
    [Show full text]
  • Proposed Rule: Fund of Funds Arrangements
    Conformed to Federal Register version SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 270 and 274 Release Nos. 33-10590; IC-33329; File No. S7-27-18 RIN 3235-AM29 Fund of Funds Arrangements AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (the “Commission”) is proposing a new rule under the Investment Company Act of 1940 (“Investment Company Act” or “Act”) to streamline and enhance the regulatory framework applicable to funds that invest in other funds (“fund of funds” arrangements). In connection with the proposed rule, the Commission proposes to rescind rule 12d1-2 under the Act and most exemptive orders granting relief from sections 12(d)(1)(A), (B), (C), and (G) of the Act. Finally, the Commission is proposing related amendments to rule 12d1-1 under the Act and Form N-CEN. DATES: Comments should be received on or before May 2, 2019. ADDRESSES: Comments may be submitted by any of the following methods: Electronic Comments: • Use the Commission’s Internet comment form (http://www.sec.gov/rules/proposed.shtml); or • Send an email to [email protected]. Please include File Number S7-27-18 on the subject line. Paper Comments: • Send paper comments to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. All submissions should refer to File Number S7-27-18. This file number should be included on the subject line if email is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet website (http://www.sec.gov/rules/proposed.shtml).
    [Show full text]
  • HEDGE FUND OPERATING EXPENSES Brandon Colón
    MEKETA INVESTMENT GROUP BOSTON MA CHICAGO IL MIAMI FL PORTLAND OR SAN DIEGO CA LONDON UK HEDGE FUND OPERATING EXPENSES Brandon Colón MEKETA INVESTMENT GROUP 100 Lowder Brook Drive, Suite 1100 Westwood, MA 02090 meketagroup.com May 2018 MEKETA INVESTMENT GROUP 100 LOWDER BROOK DRIVE SUITE 1100 WESTWOOD MA 02090 781 471 3500 fax 781 471 3411 www.meketagroup.com MEKETA INVESTMENT GROUP HEDGE FUND OPERATING EXPENSES INTRODUCTION Although management fees and performance fees receive the most attention when investors examine hedge fund fees, they are not the only associated costs. There are also indirect costs resulting from the purchase and sale of securities, such as trading commissions. Another lesser-studied element of hedge fund costs, and the focus of this review, are a hedge fund’s operating expenses. Therefore, the all-in total costs associated with hedge fund investing can be broken down into headline fees (management fee and performance fees), and indirect costs such as trading commissions and operating expenses. Over the life of an investment, the total economic impact of headline fees will be the largest cost to an investor, but investors should also consider the economic impact of operating expenses. The purpose of this review is to analyze hedge fund operating expenses to provide investors a better understanding of the all-in costs associated with hedge fund investing. The research outlines the basics of hedge fund operating expenses and presents the potential long-term impact to investors’ performance. Additionally, the review can 1) serve as a benchmarking tool for investors comparing fees across their manager roster, 2) assist hedge fund managers interested in benchmarking operating costs, and 3) support hedge fund stakeholders with manager selection.
    [Show full text]
  • Blackrock Strategic Funds Prospectus 20 May 2021
    20 MAY 2021 Prospectus for Switzerland BlackRock Strategic Funds This page is intentionally left blank Contents Page Introduction to BlackRock Strategic Funds 3 Structure 3 Important Notice 4 Distribution 4 Management and Administration 6 Enquiries 6 Board of Directors 7 Glossary 8 Investment Management of the Funds 12 Risk Considerations 13 Specific Risk Considerations 20 Derivatives and Other Complex Instrument Techniques 27 Excessive Trading Policy 40 Share Classes and Form of Shares 40 New Funds or Share Classes 43 Dealing in Fund Shares 43 Prices of Shares 44 Application for Shares 45 Redemption of Shares 46 Conversion of Shares 47 Dividends 48 Calculation of Dividends 49 Fees, Charges and Expenses 50 Taxation 52 Meetings and Reports 56 Appendix A - Summary of Certain Provisions of the Articles and of Company Practice 57 Articles of Association 57 Restrictions on Holding of Shares 57 Funds and Share Classes 58 Valuation Arrangements 59 Net Asset Value and Price Determination 59 Conversion 60 Settlement on Redemptions 60 In Specie Applications and Redemptions 60 Dealings in Shares by the Principal Distributor 61 Default in Settlement 61 Compulsory Redemption 61 Limits on Redemption and Conversion 61 Suspension and Deferrals 61 Transfers 62 Probate 62 Dividends 62 Changes of Policy or Practice 62 Intermediary Arrangements 62 Appendix B - Additional Information 63 History of the Company 63 Directors’ Remuneration and Other Benefits 63 Auditor 63 Administrative Organisation 63 Conflicts of Interest from relationships within the BlackRock
    [Show full text]
  • Final Rule: Fund of Funds Arrangements
    Conformed to Federal Register version SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 270 and 274 Release Nos. 33-10871; IC-34045; File No. S7-27-18 RIN 3235-AM29 Fund of Funds Arrangements AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: The Securities and Exchange Commission (the “Commission”) is adopting a new rule under the Investment Company Act of 1940 (“Investment Company Act” or “Act”) to streamline and enhance the regulatory framework applicable to funds that invest in other funds (“fund of funds” arrangements). In connection with the new rule, the Commission is rescinding rule 12d1-2 under the Act and certain exemptive relief that has been granted from sections 12(d)(1)(A), (B), (C), and (G) of the Act permitting certain fund of funds arrangements. Finally, the Commission is adopting related amendments to rule 12d1-1 under the Act and to Form N- CEN. DATES: Effective Date: This rule is effective January 19, 2021. Compliance Dates: The applicable compliance dates are discussed in sections II.D, II.F and III of this final rule. FOR FURTHER INFORMATION CONTACT: Bradley Gude, Terri G. Jordan, John Lee, Adam Lovell, Senior Counsels; Jacob D. Krawitz, Branch Chief; Melissa Gainor, Brian Johnson, Assistant Directors, at (202) 551-6792, Investment Company Regulation Office, Division of Investment Management, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. SUPPLEMENTARY INFORMATION: The Commission is adopting 17 CFR 270.12d1-4 (new rule 12d1-4) under the Investment Company Act [15 U.S.C. 80a-1 et seq.];1 amendments to 17 CFR 270.12d1-1 (rule 12d1-1) under the Investment Company Act; amendments to Form N-CEN [referenced in 17 CFR 274.101] under the Investment Company Act; and rescission of 17 CFR 270.12d1-2 (rule 12d1-2) under the Investment Company Act.
    [Show full text]
  • Guidance on CPO and CTA Annual Affirmations Requirements Due By
    Client Alert Energy & Natural Resources If you have questions or would like additional Guidance on CPO and CTA Annual information on the material covered in this Alert, please Affirmations Requirements Due By contact one of the authors: February 29, 2016 and General Compliance Chris Borg Partner, London Requirements for Commodity Pools and +44 (0)20 3116 3650 [email protected] Advisors in the US and the EU Ilene K. Froom Partner, New York Introduction On December 1, 2015, the National Futures Association (the NFA) +1 212 549 4191 [email protected] issued a notice to members to remind them of certain Commodity Futures Trading Commission (CFTC) regulations that require any person claiming an exemption Peter Y. Malyshev Partner, Washington, D.C. or exclusion under CFTC Regulation §4.5, §4.13(a)(1), §4.13(a)(2), §4.13(a)(3), +1 202 414 9375 §4.13(a)(5) or §4.14(a)(8) from the requirement to register as a commodity pool [email protected] operator (CPO) or commodity trading advisor (CTA) to annually affirm their notice Alexandra Poe Partner, New York of exemption or exclusion within 60 days of the calendar year end, which is +1 212 549 0388 February 29, 2016 for the current affirmation cycle. [email protected] Alicia C. Thanasoulis The guidance states that failure by a member to affirm such active exemption or Associate, New York exclusion from CPO or CTA registration by February 29, 2016 will result in the + 1 212 549 0423 [email protected] automatic withdrawal of such member’s exemption or exclusion on March 1, 2016.
    [Show full text]
  • UBS Balanced Investment Fund
    Supplementary No. 1 UBS Balanced Investment Fund This Product Disclosure Statement is only for use by investors investing through an IDPS Dated 28 April 2010 ARSN 090 430 210 Offered by UBS Global Asset Management (Australia) Ltd ABN 31 003 146 290 AFS Licence No. 222605 This is an important document. You should read the entire Product Disclosure Statement before making a decision to invest. Nothing in the Product Disclosure Statement is to be taken as personal financial product advice. In preparing this Product Disclosure Statement, UBS Global Asset Management (Australia) Ltd has not taken into account any individual investor’s investment objectives, tax and financial situation or particular needs. Before acting on any advice in this Product Disclosure Statement, investors should consider the appropriateness of the advice having regard to their objectives, financial situation and needs. Investors should seek professional advice before investing. UBS Global Asset Management (Australia) Ltd (ABN 31 003 146 290) (AFS Licence No.222605) is the Responsible Entity of the Fund. If you require the Australian Business Number (ABN) for the Fund, please contact your IDPS operator. In this Product Disclosure Statement, references to “the Responsible Entity”, “manager”, “we”, “us” and “our” refer to UBS Global Asset Management (Australia) Ltd. UBS Global Asset Management (Australia) Ltd agrees to the use of this Product Disclosure Statement by IDPS investors only. “IDPS” means a master trust, wrap account, investor directed portfolio service or similar plan. Such investors do not acquire rights as unitholders. For more information, please see “Our relationship with an IDPS operator” on page 2.
    [Show full text]