MFA Submits Joint Trade Associations Request to CFTC for Relief with Respect to Investments in Securitization Vehicles

MFA submitted a letter with the Investment Adviser Association, the Investment Company Institute, and the Asset Management Group of the Securities Industry and Financial Markets Association, requesting that the CFTC provide a temporary exclusion of investments in securitization vehicles as “commodity interests” for purposes of § 4.13(a)(3) (a fund exemption for CPO registration) and/or § 4.5 (a fund exclusion for CPO registration).  The associations request that the CFTC grant a temporary exclusion because it is not clear to members which securitization vehicles are commodity pools and how a pool operator should calculate an investment in a securitization vehicle that is a commodity pool for purposes of §§ 4.13 and 4.5.  Without relief, an operator of a fund that owns interests in a securitization vehicle may need to register as a commodity pool operator with the CFTC by December 31, 2012.

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