On May 24, the National Futures Association issued an interpretive notice to provide guidance to commodity pool operators (CPOs) and commodity trading advisors (CTAs) in disclosing certain common conflicts of interest it has encountered in reviewing CPO/CTA disclosure documents. Notice I-07-25 addresses the following situations: (i) when a CPO/CTA (or an affiliate) is also an introducing broker (IB) or futures commission merchant (FCM); (ii) when a principal of a CPO/CTA is also a principal or associated person of an IB or FCM; (iii) when a CPO is receiving payments from a CTA; and (iv) when a commodity pool makes loans to affiliated entities or persons.