We work closely with both registered and exempt commodity trading advisors (“CTAs”) and commodity pool operators (“CPOs”). Our CTA services include:
- Advising commodity trading advisors (and Forex Firms) regarding registration requirements and available exemptions from registration
- Registering commodity trading advisors with the Commodity Futures Trading Commission (“CFTC”) and National Futures Association (“NFA”), including preparing and filing Form 7-R on behalf of CTAs and Form 8-R for principals and associated persons of commodity trading advisors
- Preparing disclosure documents and managed account agreements for CTAs and interfacing with NFA compliance personnel regarding the disclosure document approval process
- Preparing operating agreements for CTAs
- Preparing NFA-required compliance documentation for CTAs
- Reviewing any promotional materials used to market CTA trading platforms.
Our CPO services include:
- Advising commodity pool operators (and Forex Firms) regarding registration requirements and available exemptions from registration
- Registering commodity pool operators with the CFTC and NFA, including preparing and filing Form 7-R on behalf of CPOs and Form 8-R for principals and associated persons of commodity pool operators
- Advising CPOs regarding overall pool structure, including liquidity provisions, manager compensation, appropriate risk disclosures, etc.
- Working with managers to accurately describe commodity pool and forex fund strategies and risk disclosures
- Preparing customized disclosure documents for pools, including a private placement memorandum, a limited partnership agreement / operating agreement, and subscription documents for individual and institutional investors, as well as interfacing with NFA compliance personnel regarding the disclosure document approval process
- Preparing NFA-required compliance documentation for CPOs
- Reviewing any promotional materials used to market commodity pools
- Structuring the management company that will serve as the CPO and drafting the CPO’s operating agreement
- Preparing required regulatory filings on behalf of the manager and the pool, including entity formation documents, SEC Form D filings and state “blue sky” notices
- Assisting with selecting and negotiating agreements with other pool service providers, including third-party administrators, auditors, brokers and custodians
- Drafting investor side letter agreements, seed capital arrangements and other investor negotiations
- Advising managers regarding the use of broker-dealers and finders in connection with capital raising and negotiating third-party marketing agreements
- Handling ongoing compliance and regulatory matters, including preparing and filing Form D annual amendments, “blue sky” renewal filings and assisting with quarterly and annual NFA filings and disclosure document updates
If you have any questions regarding our CTA / CPO services or would like to schedule a free consultation, please do not hesitate to contact us.