The Commodity Futures Trading Commission proposed an amendment to an existing rule to permit commodity pools in existence three months or less to not have to provide an independently audited annual report to investors after the pool's first fiscal year-end (as otherwise required by existing regulation; click here to access CFTC Rule 4.22) provided the pool has no more than 15 participants and the total contributions received by the relevant commodity pool operator for the pool from its formation to its first fiscal year-end did not exceed $1.5 million, among other conditions. Additionally, the CFTC proposed, under certain enumerated circumstances, to permit pool annual reports required to be independently audited to apply generally accepted accounting standards or practices of the United Kingdom, Ireland, Luxembourg or Canada, in addition to US generally accepted accounting principles or International Financial Reporting Standards. The CFTC will accept comments on its proposed new rule amendments through September 6, 2016.