Commodity Pool Operators (CPOs) & Commodity Trading Advisors (CTAs)

All commodity pool operators (CPOs) and commodity trading advisors (CTAs) must register, unless they are excluded or exempted from registration.

Although individual pools operated by a CPO are not required to register, the CPO has certain responsibilities with respect to each pool that it operates.

For each pool, a CPO must:

• prepare and distribute a disclosure document;
• distribute periodic account statements;
• prepare and distribute audited annual financial reports; and
• keep specified records concerning the participants, transactions, and operations of each pool, as well as records regarding transactions of the CPO and its principals.

Part 4 of the CFTC’s regulations specifies the information that must be included in disclosure documents, account statements, and annual reports, the time frames within which they must be provided, and the specific records that a CPO must maintain.

CPOs must file disclosure documents and annual financial reports for commodity pools that they operate with National Futures Association (NFA).

Guidance for CPO Annual Reports

CTAs that manage accounts must distribute disclosure documents, and maintain specified records relating to their activities and clients. These requirements are also discussed in Part 4 of the Commission’s regulations.

Disclosure documents for CTAs must be filed with NFA.

For both CPO and CTA disclosure documents:

• NFA publishes a guide, Disclosure Documents: A Guide for CPOs and CTAs (PDF), to disclosure documents for CPOs and CTAs.
• An expedited, or “instant,” filing procedure may be available for CPO and CTA disclosure documents. CFTC Letter 95-44 (April 20, 1995) details this procedure.