CFTC 工作人员重新发出 25-50 号工作人员信函，添加关于 CPO 授权安排的额外不采取行动立场

CFTC 工作人员重新发出第 25-50 号工作人员信函，添加关于 CPO 授权安排的额外不采取行动立场 |美国商品期货交易委员会
版本号 9186-26
CFTC 工作人员重新发出 25-50 号工作人员信函，添加关于 CPO 授权安排的额外不采取行动立场
2026 年 2 月 26 日
华盛顿——商品期货交易委员会的市场参与者部门今天重新发布了 CFTC 工作人员信函 25-50，就商品池运营商之间的某些授权安排，就第 25-50 号信函和 CFTC 工作人员信函 14-126 之间的相互作用添加了额外的不采取行动立场。
在第 25-50 号信函中，MPD 对适用于在证券交易委员会注册为投资顾问的 CPO 的注册要求采取不采取行动的立场，这些 CPO 经营的商品池仅向成熟的投资者（即合格的合格人士）私下提供。根据重新发出的信函，在满足第 14-126 条所有标准的情况下，MPD 不会建议委员会针对未注册为 CPO 的委托 CPO 采取强制执行行动，除非指定 CPO 是 QEP 无行动 CPO，而不是注册为 CPO。
重新发出信件是为了响应管理基金协会的要求。
-CFTC-

CFTC Staff Reissues Staff Letter 25-50 to Add Additional No-Action Position on CPO Delegation Arrangements | CFTC
Release Number 9186-26
CFTC Staff Reissues Staff Letter 25-50 to Add Additional No-Action Position on CPO Delegation Arrangements
February 26, 2026
WASHINGTON — The Commodity Futures Trading Commission’s Market Participants Division today reissued CFTC Staff Letter 25-50 to add an additional no-action position in relation to the interaction between Letter 25-50 and CFTC Staff Letter 14-126 , regarding certain delegation arrangements between commodity pool operators.
In Letter 25-50, MPD took a no-action position on registration requirements applicable to CPOs registered as investment advisers with the Securities and Exchange Commission, who operate commodity pools privately offered solely to sophisticated investors known as qualified eligible persons. Pursuant to the reissued letter, MPD will not recommend that the Commission commence an enforcement action against a Delegating CPO for failure to register as a CPO where all of the criteria of Letter 14-126 are satisfied, except that the Designated CPO is a QEP No-Action CPO instead of being registered as a CPO.
The letter reissuance is in response to a request from the Managed Funds Association.
-CFTC-