On June 25, 2013, the U.S. Court of Appeals for the District of Columbia Circuit affirmed the decision of the district court which upheld the validity of amendments to Rule 4.5 promulgated by the U.S. Commodity Futures Trading Commission (the “CFTC”). As discussed in previous Ropes & Gray Alerts, the Investment Company Institute and the U.S. Chamber of Commerce instituted a lawsuit seeking to invalidate these amendments, which significantly reduce the scope of the exemption from CFTC registration previously afforded to registered funds. The text of the Court of Appeals’ opinion can be found here.