C.F.R. » Title 17 » CHAPTER I—COMMODITY FUTURES TRADING COMMISSION › PART 4—COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS › Subpart B—Commodity Pool Operators

17 C.F.R. § 4.20

Prohibited activities

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(a)(1) Except as provided in paragraph (a)(2) of this section, a commodity pool operator must operate its pool as an entity cognizable as a legal entity separate from that of the pool operator.

(2) The Commission may exempt a corporation from the requirements of paragraph (a)(1) of this section if;

(i) The corporation represents in writing to the Commission that each participant in its pool will be issued stock or other evidences of ownership in the corporation for all funds, securities or other property that the participant contributes for the purchase of an ownership interest in the pool;

(ii) The corporation demonstrates to the satisfaction of the Commission that it has established procedures adequate to assure compliance with paragraphs (b) and (c) of this section; and

(iii) The Commission finds that the exemption is not contrary to the public interest and to the purposes of the provision from which the exemption is sought.

(b) All funds, securities or other property received by a commodity pool operator from an existing or prospective pool participant for the purchase of an interest or as an assessment (whether voluntary or involuntary) on an interest in a pool that it operates or that it intends to operate must be received in the pool's name.

(c) No commodity pool operator may commingle the property of any pool that it operates or that it intends to operate with the property of any other person.

(Approved by the Office of Management and Budget under control number 3038-0005) [46 FR 26013, May 8, 1981, as amended at 46 FR 34311, July 1, 1981; 46 FR 63035, Dec. 30, 1981]
Notes of Decisions
Cited in 16 cases (6 in the last 5 years), 1983–2024 · leading case: Commodity Futures Trading Comm'n v. Amerman, 645 F. App'x 938 (11th Cir. 2016).
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Commodity Futures Trading Comm'n v. Amerman, 645 F. App'x 938 (11th Cir. 2016). · cites it 6× “§ 6m(l), and unlawfully commingled commodity pool property, in violation of 17 C.F.R. § 4.20 (c). He also appeals the district court’s subsequent order of disgorgement.”
U.S. Commodity Futures Trading Comm'n v. Allied Markets LLC, 371 F. Supp. 3d 1035 (M.D. Fla. 2019). · cites it 8× “20 CFTC argues that Defendants violated several subparts of 17 C.F.R. § 4.20 (a) - (c). 17 C.F.R. § 4.”
United States Commodity Futures Trading Comm'n v. Driver, 877 F. Supp. 2d 968 (C.D. Cal. 2012). “17 C.F.R. § 4.20 (c). The undisputed facts reveal that Defendants, all of whom acted as CPOs during the Relevant Period (regardless of registration status), commingled pool funds with non-pool property by transferring funds to personal bank accounts and futures trading accounts…”
Jerry W. Slusser, First Repub. Fin. Corp., & First Repub. Trading Corp. v. Commodity Futures Trading Comm'n, 210 F.3d 783 (1st Cir. 2000). “§ 6o(l), and 17 C.F.R. § 4.20 . Third, Slusser committed multiple frauds.”
U.S. Commodity Futures Trading Comm'n v. States, 673 F. Supp. 2d 1320 (S.D. Fla. 2009). · cites it 3× “10(a)-(c), 17 C.F.R. §§ 4.20 , 4.21, 4.22, and 33.10(a)-(c).”
U.S. Commodity Futures Trading Comm'n v. States, 674 F. Supp. 2d 1311 (S.D. Fla. 2009). · cites it 5× “10(a)-(c), 17 C.F.R. §§ 4.20 , 4.21, 4.22, and 33.10(a)-(c).”
Commodity Futures Trading Comm'n v. Carmen Field, Individually & D/B/A Hfi, Mona Smith, Individually & D/B/A Hfi, 249 F.3d 592 (7th Cir. 2001). “§§ 1a(4), 6o(1), 6b(a)(i), and 6b(a)(ii), and its regulation 17 C.F.R. § 4.20 . The district court ordered permanent injunctive relief, enjoining Field and Smith from further violations, and inter alia, from directly or indirectly soliciting or accepting funds in connection with…”
Commodity Futures Trading Comm'n v. Fin. Tree (E.D. Cal. 2022). · cites it 8× “4, 17 C.F.R. §§ 4.20 (a)(1), (b)-(c), 4.21, 4.”
Commodity Futures Trading Comm'n v. Chilcott Portfolio Mgmt., Inc., 713 F.2d 1477 (10th Cir. 1983). “” 17 CFR § 4.20 (a)(l)(1982). We are persuaded by the reasoning and authorities relied on by the District Court.”
Commodity Futures Trading Comm'n v. Ramos (N.D. Tex. 2021). · cites it 4× “Count Five: Violations of 17 C.F.R. § 4.20 (a)(1), (b) Regulation 4.”
U.S. Commodity Futures Trading Comm'n v. Saf. Capital Mgmt., Inc. (E.D.N.Y 2024). · cites it 3× “20(a)-(c), 17 C.F.R. § 4.20 (a)-(c); 5) Failure to register as retail forex CPOs and CTAs in violation of Section 4m(1), 7 U.”
U.S. Commodity Futures Trading Comm'n v. Saf. Capital Mgmt., Inc. (E.D.N.Y 2024). · cites it 3× “20(a)-(c), 17 C.F.R. § 4.20 (a)-(c); 5) Failure to register as retail forex CPOs and CTAs in violation of Section 4m(1), 7 U.”
Show all 16 citing cases →
— 17 C.F.R. § 4.20(a) — 1 case
Commodity Futures Trading Comm'n v. Fin. Tree (E.D. Cal. 2020).
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