Key takeaways:

• The Division of Swap Dealer and Intermediary Oversight of the CFTC (the "Division") confirmed the compliance date for inclusion of the notional amount of a “swap” when calculating de minimis exemption thresholds is December 31, 2012, denying a request for no-action relief seeking to further extend the compliance date.
• The Division granted no-action relief from registration for CPOs and CTAs of pools launched after the issuance of the No-Action Letter on July 13, 2012 that would have been exempt from registration or excluded from the definition of CPO or CTA prior to the CFTC’s rescission of section 4.13(a)(4) and amendments to section 4.5.
• Under the no-action relief, CPOs of such pools will be exempt from registration as a CPO until December 31, 2012 without the need to rely on the de minimis exemption under section 4.13(a)(3); provided that the CPOs and CTAs comply with certain requirements related to rescinded section 4.13(a)(4).