By Benjamin Goad - 08/13/13 03:03 PM EDT
The Commodity Futures Trading Commission (CFTC) rule amends the 1940 Investment Company Act, which requires commodity pool operators (CPOs) to comply with an array of disclosure, reporting and record-keeping requirements.
Under the 97-page rule, the CFTC will accept the Securities and Exchange Commission’s registration requirements.
“Thus, the final rule allows dually registered entities to meet certain CFTC regulatory requirements for CPOs by complying with SEC rules to which they are already subject,” the rule states.
The rule will take effect immediately after it is published in the Federal Register.
It also makes clear that CPOs will be permitted to use third-party service providers to maintain their books.