Eight years ago, the Commodity Futures Trading Commission (“CFTC”) adopted two exemptions under the Commodity Exchange Act, as amended (“CEA”) (Rules 4.13(a)(3) and 4.13(a)(4) the “4.13 Rules”)) that proved to be an efficient way for private investment fund managers to trade commodity interests without registering with the CFTC

On Jan. 26, 2011, the CFTC proposed revoking both exemptions. The repeal of these two exemptions is likely to affect many managers. The CFTC is soliciting public comments that are due by April 12, 2011.