The Commodity Futures Trading Commission (the “CFTC”) issued no-action relief for family offices. A commodity pool operator (a “CPO”) will not be required to register with the CFTC if it fits within the definition of “family office” provided in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, as amended. To claim this relief, a CPO must state its eligibility by making specified representations in an electronic filing with the CFTC. A family office in existence as of December 1, 2012 will need to make an initial filing by December 31, 2012 and will need to confirm that it fits within the definition of “family office” by March 31, 2013. A family office that begins operations after December 1, 2012 will need to make an initial filing within 30 days after beginning operations and will need to confirm that it fits within the definition of “family office” by the later of March 31, 2013 and 30 days after beginning operations.

Please contact an attorney in the Investment Management Group at Seward & Kissel if you have any questions regarding this no-action relief.