CFTC Publishes Relief from “Commodity Pool” Definition for Equity REITS and Certain Securitizations and Extends Rule Effective Date

Summary: The Division of Swap Dealers and Oversight (the Division) of the Commodities Futures Trading Commission (the CFTC) released two interpretative letters excluding from the definition of “commodity pool” (1) investment vehicles that operate in a manner consistent with the constraints set forth in Regulation AB or Investment Company Act Rule 3a-7 (Rule 3a-7) promulgated by the Securities and Exchange Commission (the SEC) and certain other requirements, and (2) equity real estate investment trusts (Equity REITs). Subsequently, the Division extended to December 31, 2012, the deadline for those not excluded from the definition or which have other exemptions to submit their applications for registration as commodity pool operators or commodity trading advisors.