Comment Letter Responding to CFTC’s Request for Comments on NFAs Petition to Amend Rule 4.5, Exclusion from the Term Commodity Pool Operator

MFA submitted comments to the CFTC in response to its request for comments on NFAs petition to amend rule 4.5exclusion from the term commodity pool operator. In our letter, we urge the CFTC consider the differences between the CFTCs part 4 regulations and the regulations under the Investment Company Act of 1940. To the extent the Commission determines to amend Rule 4.5, we respectfully urge the Commission to: (1) grant relief to a CPO offering a commodity derivatives mutual fund from certain aspects of the part 4 performance disclosure and disclosure document delivery requirements; (2) grant comparable disclosure document delivery relief to traditional public commodity pools; and (3) amend Rule 4.5 only with respect to the Marketing Test.