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We have extensive experience registering firms as commodity pool operators (CPOs) and commodity trading advisers (CTAs). We will guide you through both the process of becoming a National Futures Association (NFA) Member and the registration process with the Commodity Futures Trading Commission (CFTC).
CTA registration involves the filing of various forms with the NFA on behalf of your firm and the firm’s principals and employees, as well as the creation of a “Disclosure Document,” which, in turn, must be pre-approved by the NFA prior to the soliciting of clients.
We provide the following services in connection with the formation and operation of CTAs:
- Preparing and filing the organizational documents to form your firm as a legal entity (if not already formed by you)
- Preparing a single-member operating agreement for your firm
- Establishing an account with and obtaining access to the NFA's Online Registration System (“ORS”) for your firm
- Preparing and filing an online Form 7-R with NFA/CFTC for your firm
- Preparing and filing an online Form 8-R with NFA/CFTC for each of your firm’s Principals and Associated Persons
- Drafting a standardized customer account agreement for discretionary advisory services to be used with advisory clients
- Drafting a CTA Disclosure Document
- Submitting the Disclosure Document and client account agreement to the NFA for approval
- Interfacing with NFA compliance personnel (and responding to any deficiency letters) as part of both the (i) registration and (ii) Disclosure Document approval process
- Preparing written operational policies and procedures as required by NFA/CFTC rules
There is a private adviser exemption that may be available to some CTAs. For firms that utilize this exemption we still recommended that the firm have a Disclosure Document and a client account agreement (even though such materials will not be submitted to NFA for approval).
CPO registration involves forming entities to serve as the fund and the management company, preparing offering and subscription documents, registering with the NFA and CFTC, and preparing a compliance manual and business continuity plan.
We provide the following services in connection with the formation and operation of CPOs:
- Preparing and filing the organizational documents to form your firm as a legal entity (if not already formed by you)
- Preparing a single-member operating agreement for your firm
- Establishing an account with and obtaining access to the NFA's Online Registration System (“ORS”) for your firm
- Preparing and filing an online Form 7-R with NFA/CFTC for your firm
- Drafting organizational minutes for the management company appointing initial managers and officers
- Preparing a confidential private offering memorandum, limited partnership agreement and subscription documents for the fund
- Assisting in fingerprinting process
- Interfacing with NFA compliance personnel (and responding to any deficiency letters) as part of the registration process
- Preparing a disaster recovery plan, a business continuity plan, and written operational policies and procedures as required by NFA/CFTC rules
- Handling other start-up related legal issues
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