Many investment advisers had to register with the CFTC after Dodd-Frank reforms as commodity pool operators (CPOs) and/or commodity trading advisors (CTAs), unless they qualified for an exemption
This section pulls together content relevant to CPOs and CTAs.
A CPO is defined as a “person engaged in a business similar to an investment trust or a syndicate and who solicits or accepts funds, securities, or property for the purpose of trading commodity futures contracts or commodity options. The commodity pool operator either itself makes trading decisions on behalf of the pool or engages a commodity trading advisor to do so.”
This description defines a CTA: “A person who, for pay, regularly engages in the business of advising others as to the value of commodity futures or options or the advisability of trading in commodity futures or options, or issues analyses or reports concerning commodity futures or options.”