On May 2, 2018, the Commodity Futures Trading Commission’s (“CFTC“) Division of Market Oversight issued a CFTC staff letter with interpretive guidance regarding CFTC Regulation 150.4(b)(1), an exemption from position aggregation requirements for certain commodity pool investors. According to the staff letter, an institutional investor is not required to look through its investment in a fund to aggregate commodity investment positions of an underlying portfolio company in which such investor may hold a 10% or greater indirect interest when such investor qualifies for the Regulation 150.4(b)(1) exemption from position aggregation. Press Release. Staff Letter.
