On Jan. 26 the Commodity Future Trading Commission (CFTC) voted to issue proposed revisions to its compliance obligations of CPOs and CTAs. CFTC staff estimated that the proposed revisions could impact as many as 260 funds with more than $1 billion in assets under management and 920 smaller funds. The CFTC has meetings set for Feb. 11 and Feb. 24 to consider additional Dodd-Frank rulemakings. Since passage of the Dodd-Frank in July 2010, the CFTC has considered 40 rulemakings. Copies of the statements issued by the CFTC commissioners, an archived webcast of the meeting, and the brief descriptions of the proposed rules are posted on the CFTC web site. Specifically, the CFTC is proposing to: (i) Reinstate trading criteria for registered investment companies claiming exclusion from the CPO definition under Regulation 4.5; (ii) Rescind the exemption from CPO registration under Regulations 4.13(a)(3) and (4); (iii) Revise Regulation 4.7 so that CPOs may no longer claim exemption from the requirement that an exempt pool's annual report contain certified financial statements; (iv) Modify the participant qualification criteria of Regulation 4.7, adjusting, among other things, the threshold amount for "accredited investor" and incorporate the SEC's accredited investor standard by reference rather than by direct inclusion; (v) Require all persons claiming exemptive or exclusionary relief under Regulations 4.5, 4.13, and 4.14 to confirm their notice of claim of exemption or exclusion annually, and (vi) Amend the risk disclosure statement that must be included in CPO and CTA disclosure documents to describe certain risks specific to swaps transactions. The comment period is 60 days. CFTC Factsheet.