Commodity pool operator. The definition of CPO contained in the CEA includes any person engaged in a business that is of the nature of a commodity pool or similar form of enterprise and who receives funds or other assets from others for purposes of trading in commodity interests. An important change under the DFA is that swaps now qualify as “commodity interests,” with the result that the operator of an entity trading in swaps may be required to register as a CPO. In addition, investment advisers to registered investment companies that invest more than a de minimis amount of assets in commodity interests are now required to register as a CPO.

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