The U.S. Court of Appeals for the D.C. Circuit on June 25, 2013 held that the Commodity Futures Trading Commission (CFTC) lawfully adopted amendments to a rule that will require many investment companies to be regulated as commodity pools.

The Court upheld a U.S. District Court ruling against the Investment Company Institute (ICI) and the U.S. Chamber of Commerce (Appellants), who challenged the CFTC’s 2010 amendments to Rule 4.5, claiming, among other things, that the CFTC acted in an arbitrary and capricious manner.