Chicago partner David Matteson and associate Andrew Raby authored this article discussing recent amendments adopted by the Commodity Futures Trading Commission to its reporting requirements. The changes became effective on December 9, 2009, apply to annual reports for fiscal years ending on or after December 31, 2009, and, in general, will be helpful for Commodity Pool Operators. The article outlines how the amendments have codified a number of interpretations issued by CFTC staff and essentially modernize Regulation 4.22 to address different pool structures and international accounting standards. The authors, both members of the Investment Management Group, conclude that the Amendments provide some helpful guidance for financial reporting to investors by CPOs and adopt a longer extension of time for funds to file their audited financial statements. They also relieve CPOs of having to make an annual claim for the extension, and codify CFTC staff interpretations for special allocations, combined gains and losses for regulated and unregulated futures contracts, and investee fund expenses.
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