CFTC Approves Final Rule Amending Form CPO-PQR

October 12, 2020 by ACA Compliance Group


On October 6, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved a final rule (the Final Rule) amending Form CPO-PQR and CFTC Regulation 4.27 for registered commodity pool operators (CPOs).

The Final Rule revises the scope of the information collected on Form CPO-PQR (the Revised Form CPO-PQR). Specifically, the amendments:

  • Remove Schedules B and C, including the pool-specific reporting requirements and the reporting thresholds, except for the Pool Schedule of Investments (currently, Schedule B, question 6). The Revised Form CPO-PQR will consist of a revised Schedule A, plus the Pool Schedule of Investments and instructions.
  • Require that CPOs provide in Schedule A of the Revised Form CPO-PQR the Legal Entity Identifier (“LEI”) of the CPO and their commodity pools, if applicable. The Supplementary Information to the Final Rule clarify that the CFTC will not require CPOs that do not have LEIs to obtain them solely for the purposes of reporting on Form CPO-PQR. Only CPOs or commodity pools that are counterparties to swaps are expected to have an LEI.
  • Remove from Schedule A questions regarding the pool’s auditors and marketers.
  • Require all reporting CPOs to file the Revised Form CPO-PQR quarterly.

The Final Rule amends CFTC Regulation 4.27 to permit reporting CPOs to file NFA Form PQR in lieu of filing the Revised Form CPO-PQR. Conversely, substituted compliance will no longer apply to Form PF, which will not be accepted in lieu of the Revised Form CPO-PQR.

The Final Rule and the Revised Form CPO-PQR will become effective 30 days following the date of publication in the Federal Register.

Reporting CPOs will be required to file the Revised Form CPO-PQR for the first calendar quarter of 2020 ending March 31, 2021. The filing deadline for that reporting period is sixty days after the quarter-end, or May 30, 2021.

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ACA specializes in helping financial firms determine and meet their regulatory filing obligations through consulting, review, preparation, and submission of regulatory filings, including Form CPO-PQR. Our regulatory filings offering is a full-service solution that combines technology with managed services to help our clients offload the burden of regulatory filings while meeting their regulatory obligations and industry best practices.

ACA provides compliance services to help firms meet the specific needs of the commodity interest industry. Our team includes former NFA examiners who can assist with the development and implementation of your commodity interest-related compliance program.

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For more information about the Revised Form CPO-PQR, or about our filing services, please reach out to your regular consultant or contact us here.

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