The National Futures Association has proposed amendments to its interpretive notices entitled “Prohibition of Loans by Commodity Pools to CPOs and Related Entities.” Ordinarily, NFA prohibits a commodity pool from directly or indirectly making a loan or advance of pool assets to the entity’s commodity pool operator or any other affiliated party or entity. However, NFA has previously excluded certain transactions from this prohibition, including those associated with short securities sales and reverse-repurchase transactions. The amended interpretive notice will add certain new transactions to the exclusion, including loans from a pool to a wholly-owned subsidiary that was formed solely to benefit the pool, or loans to a wholly-owned subsidiary that is a registered broker-dealer and/or registered futures commission merchant that was formed solely to provide clearing and other prime brokerage services to the pools that made the loan. Other conditions apply. The NFA proposes that this rule will be effective on December 22 unless the CFTC objects.