Page 35 - 期货和衍生品行业监管动态（2025年12月）

期货和衍生品行业监管动态

new registration sub-category for Retail DCOs.

Comments will be accepted until Jan. 19, 2026. Comments may be submitted

electronically through the CFTC Comments online process.

Comments will be accepted until Jan. 19, 2026. Comments may be submitted

electronically through the CFTC Comments online process.

https://www.cftc.gov/PressRoom/PressReleases/9158-25

12. 美国商品期货交易委员会工作人员就某些美国证券交易委员会注册投资顾

问的商品基金管理人注册事宜发布不行动函（2025 年 12 月 19 日）

美国商品期货交易委员会（CFTC）市场参与者部宣布，已向代表其会员提
出申请的基金管理协会（Managed Funds Association）签发不行动函。该函声明，

在满足特定条件的前提下，市场参与者部不会建议 CFTC 对以下机构采取执法行

动：这些机构虽未在 CFTC 注册为商品基金管理人，但作为在美国证券交易委员

会（SEC）注册的投资顾问，其管理的商品基金仅以非公开发行的方式向专业投

资者（qualified eligible persons）提供。

CFTC Staff Issues No-Action Letter Regarding CPO Registration for Certain

SEC-Registered Investment Advisers (2025/12/19)

The Commodity Futures Trading Commission’s Market Participants Division

today announced it has issued a no-action letter to the Managed Funds Association

submitted on behalf of its members. The letter states MPD will not recommend the

CFTC initiate an enforcement action against firms registered as investment advisers

with the Securities and Exchange Commission, who operate commodity pools

privately offered solely to sophisticated investors known as qualified eligible persons,

for failing to register with the Commission as a commodity pool operator, subject to

certain conditions.

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