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期货和衍生品行业监管动态
第 25-50 号工作人员函，以新增一项额外的无异议立场，涉及第 25-50 号函与
CFTC 第 14-126 号工作人员函之间关于某些商品基金管理人之间委托安排的相
互关系。
在第 25-50 号函中，市场参与者部就注册要求采取了无异议立场，这些要求
适用于已在美国证券交易委员会注册为投资顾问的商品基金管理人，这些商品基
金管理人运营的私募商品基金仅面向被称为合格投资者（qualified eligible
persons）的成熟投资者。除了指定的商品基金管理人是合格投资者无异议商品基
金管理人（QEP No-Action CPO）而非注册为商品基金管理人，根据重新发布的
函件，当满足第 14-126 号函的所有标准，市场参与者部将不建议 CFTC 对委托
商品基金管理人因未注册为商品基金管理人而采取执法行动。
该函的重新发布是对管理基金协会（Managed Funds Association）的请求作
出的回应。
CFTC Staff Reissues Staff Letter 25-50 to Add Additional No-Action Position on
CPO Delegation Arrangements (2026/2/26)
The Commodity Futures Trading Commission’s Market Participants Division
today reissued CFTC Staff Letter 25-50 to add an additional no-action position in
relation to the interaction between Letter 25-50 and CFTC Staff Letter 14-126,
regarding certain delegation arrangements between commodity pool operators.
In Letter 25-50, MPD took a no-action position on registration requirements
applicable to CPOs 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. Pursuant to the reissued
letter, MPD will not recommend that the Commission commence an enforcement
action against a Delegating CPO for failure to register as a CPO where all of the
criteria of Letter 14-126 are satisfied, except that the Designated CPO is a QEP
No-Action CPO instead of being registered as a CPO.
The letter reissuance is in response to a request from the Managed Funds
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