On February 1st, the CFTC published the proposing release and text of amendments that would reinstate trading criteria for registered investments companies claiming exclusion from the commodity pool operator definition under Regulation 4.5; rescind the exemption from CPO registration under Regulations 4.13(a)(3) and (4); 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; modify the participant qualification criteria of Regulation 4.7 to incorporate the SEC's accredited investor standard by reference rather than by direct inclusion of its terms; 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 on an annual basis; and amend the risk disclosure statement that must be included in CPO and commodity trading advisors disclosure documents to describe certain risks specific to swaps transactions. Comments should be submitted within 60 days after publication in the Federal Register, which is expected during the week of February 7. Proposed Amendments.