On June 25, the Division of Clearing and Intermediary Oversight (DCIO) of the Commodity Futures Trading Commission issued a no-action letter confirming that a person registered as an investment advisor with the Securities and Exchange Commission who offers a managed futures account as part of its portfolio management program would come within the statutory definition of “commodity trading advisor” (CTA) in the Commodity Exchange Act (CEA) and, accordingly, would be required to register as a CTA with the CFTC unless an exemption from registration is available. DCIO concluded that none of the exemptions from CTA registration applied to the presented facts, but noted that the advisor might be able to claim an exemption if its customers do not include collective investment vehicles identified in Section 4m(3) of the CEA.  

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