The CFTC previously granted family offices no-action relief from registration as commodity pool operators. That letter did not provide an exemption from registration as a commodity trading advisor. However, the CFTC has also issued a no-action letter providing family offices relief from commodity trading advisor registration, in connection with advisory services they provide to family clients.
In order to receive relief, a family office must submit a claim to the CFTC and remain in compliance with the exclusion for family offices from the definition of investment adviser adopted by the Securities and Exchange Commission in 2011.
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