On June 25th, the D.C. Circuit affirmed the district court's summary judgment order dismissing challenges to the CFTC's rules requiring SEC-registered investment companies engaging in the activities of a commodity pool operator (and meeting certain trading thresholds), to register with and report to the CFTC. The D.C. Circuit held that the CFTC did not act unlawfully in promulgating the instant rules. An agency changing course need not demonstrate that the reasons for the new policy are better than the reasons for the old one. In addition, the CFTC's cost-benefits analysis was not arbitrary or capricious. Investment Company Institute v. CFTC.