Tag Archives: rule 2-46

Reminder to CPOs re: Quarterly Rule 2-46 Filing

Quarterly CPO Filing Due by November 14

For those commodity pool operators who are registered with the NFA, there is a quarterly reporting requirement under Rule 2-46.  This filing must be submitted to the NFA by November 14 through the NFA’s EasyFile system.  Today the NFA sent the following reminder email to those managers who have not yet completed this filing.  If you have questions on the filing, please feel free to contact us.


November 7, 2011

Reminder to CPOs regarding upcoming due date for quarterly pool report

This is a reminder that the September 30th quarterly pool report required by NFA Compliance Rule 2-46 is due to NFA on November 14, 2011. You are receiving this message because NFA’s records indicate that you have not yet completed the filing requirement for one or more of your pools. Please note that each Member CPO is required to file a quarterly report for each active pool that it operates as long as the pool has a reporting requirement under CFTC Regulation 4.22.

The report itself covers the three-month calendar quarter ending September 30, 2011 and it must be filed electronically through NFA’s EasyFile System. You can view a list of your pools and the applicable report due dates by logging onto EasyFile using this link: https://www.nfa.futures.org/appentry/Redirect.aspx?app=EASYFILEPOOL. PLEASE NOTE THAT IF YOU HAVE A QUALIFYING POOL THAT DID NOT OPERATE BEFORE OR DURING THE QUARTER ENDING SEPTEMBER 30, 2011, YOU MUST STILL ACCESS THE EASYFILE SYSTEM AND DELETE THE POOL’S QUARTERLY STATEMENT CALL USING THE DELETE ICON ON THE MAIN POOL INDEX LISTING.

Please ensure that the September quarterly reports are filed by the due date. Failure to file this report, and/or previous quarterly reports timely, is an apparent violation of NFA Rules, that could subject your firm to disciplinary action. Questions concerning the reporting requirements should be directed to NFA’s Information Center at 312-781-1410 or 800-621-3570.***


Cole-Frieman & Mallon LLP is a boutique law firm focused on the investment management industry.  The firm provides legal advice to CPOs and CTAs.  Bart Mallon can be reached directly at 415-868-5345.

NFA Reminds CPOs of Rule 2-46 Reporting Requirement

Late Filers Possibly Subject to Disciplinary Action

The NFA issued a Notice to Members on July 21, 2011 (the “Notice”) reminding commodity pool operators (“CPOs”) registered with the NFA to file their quarterly pool reports in a timely manner. Most importantly, the NFA stated that beginning with the June 30, 2011 report, which is due on Monday, August 15, 2011, the NFA will review the filing history of any CPO that files the report late and determine whether disciplinary action is appropriate.  The Notice stressed the importance of filing in a timely manner, as the value to the NFA of the information reported diminishes the later a report is filed. Below is our quick summary of what is required in the quarterly report.

CPO Quarterly Report Requirements

NFA Rule 2-46 requires CPOs to file a pool’s quarterly report within 45 days after the end of the quarter. The report should be filed through the NFA’s EasyFile system and will include the following information:

Key Relationships – the CPO must report the identities of the pool’s administrator, carrying broker(s), trading manager(s), and custodian(s).

Statement of Changes of NAV – the CPO must report the change in the pool’s net asset value for the quarter. Information required includes beginning net asset value, net income, additions, withdrawals, ending net asset value, and special allocations to the CPO. Data for each of these fields will be broken down into values for the participants (generally limited partners) and the

CPO (the General Partner). Additionally, the CPO will be required to report information on any halts or material restrictions applicable to redemptions during the quarter.

Monthly Rates of Return – the CPO must report the monthly performance of the pool for each of the three (3) months comprising the quarter.

Schedule of Investments – the CPO must report a schedule of investments that identifies any investments that are 10% or more of the pool’s net asset value at the end of the quarter. The schedule will be separated into dollar-value breakdowns across seven categories of investments: (1) equities, (2) alternative investments, (3) fixed income, (4) derivatives, (5) options, (6) funds, and (7) cash.

CPOs should be sure to file the June 30, 2011 quarterly report for each pool that is subject to the reporting requirement by the August 15, 2011 due date. The full NFA Notice is reprinted below and can also be found here.


Notice I-11-13

July 21, 2011

Regulatory Reminder to CPOs of Quarterly Reporting Requirements

In March 2010, NFA Compliance Rule 2-46 became effective. Rule 2-46 requires each CPO Member to report quarterly to NFA specific information on each pool that it operates (for which it has a reporting requirement under CFTC Regulation 4.22). The reports are due within 45 days after the end of the quarterly reporting period. NFA adopted this quarterly reporting requirement in order to regularly obtain certain performance and operational data that NFA staff utilizes to assess risks and identify trends related to Member CPOs.

Obviously, if a Member CPO does not file this report within the specified time frame, then the value of the report to NFA diminishes since the information becomes less useful as it ages. Beginning with the June 30, 2011 report, which is due on Monday, August 15, 2011, NFA will review the filing history of any CPO Member that files the report after its due date and determine whether disciplinary action is appropriate.

All Member CPOs with reporting requirements under Compliance Rule 2-46 must be aware of the filing deadlines for these quarterly reports on an ongoing basis and ensure that these quarterly reports are filed in a timely manner. NFA staff remains available to assist CPO Members in meeting this filing requirement. Anyone needing additional information regarding these quarterly reports should contact Tracey Hunt at (312) 781-1284. You may also review NFA's two-part brief video series that walks through the process of filing a pool quarterly report:

NFA's Expanded Filing Requirements for Commodity Pool Operators – Part One

NFA's Expanded Filing Requirements for Commodity Pool Operators – Part Two


Cole-Frieman & Mallon LLP provides legal advice to NFA Member firms with respect to CFTC Regulations and NFA Rules.  Bart Mallon can be reached directly at 415-868-5345.


CPO Quarterly Filing Reminder

NFA Rule 2-46 Filing Due Monday May 17th

NFA Rule 2-46 requires most registered CPOs to submit certain information to the NFA on a quarterly basis.  The filing is due within 45 days of the end of each quarter.  The filing date for CPOs which were active in the first quarter is Monday May 17th.

Mallon P.C. provides comprehensive services for CPO managers and can help with the quarterly Rule 2-46 filing.  Please contact us if you have any questions.


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Cole-Frieman & Mallon LLP can provide CPOs with comprehensive support during the filing process.  Bart Mallon, Esq. can be reached directly at 415-868-5345.