Key takeaways:

• The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission (“CFTC”) released a letter providing no-action relief until June 30, 2013 to commodity pool operators (“CPOs”) of certain securitization vehicles.
• The temporary no-action relief is available to securitization vehicle CPOs who (i) initiated registration as a CPO by March 31, 2013; (ii) file notice with the Division; and (iii) comply with the CFTC’s regulations during the no-action period, subject to certain terms and conditions.