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CFTC Relief Eliminates Dual US Regulation of Certain Investment Managers

Reported by Akin
Dec 22, 2025· 2 min read
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Key Takeaways
  • • The CFTC issued no-action relief that re-instates the 2012 regulatory exemption from CFTC registration for most SEC-registered investment advisers to private funds, according to Akin Gump Strauss Hauer & Feld LLP.
  • • The relief addresses the dual regulation of certain investment managers that had required them to be overseen by both the SEC and the CFTC.
  • • The source article is dated December 22, 2025, and is published by Akin Gump's investment management practice.
  • • Relevant practitioners at Akin Gump, including partners Barbara Niederkofler and Brian P. Rafferty, are associated with the firm's coverage of the development.
Summary
Akin Gump Strauss Hauer & Feld LLP published an alert on December 22, 2025, titled "CFTC Relief Eliminates Dual US Regulation of Certain Investment Managers." According to the firm's publisher summary, the relief re-instates a prior 2012 regulatory exemption from Commodity Futures Trading Commission registration for most registered investment advisers to private funds.

The practical effect is to remove a dual-registration burden for affected managers, which had required them to comply with both SEC investment adviser oversight and CFTC commodity pool operator or commodity trading advisor requirements. The publisher's related materials describe the action as part of a broader pattern of CFTC no-action relief under which eligible private fund managers may avoid CPO and CTA registration or withdraw from such registration.

The primary source text available for this summary consists largely of website cookie disclosures and navigation content, so specific figures, effective dates, conditions of eligibility, and quotations from regulators are not confirmed here. Readers seeking the operative conditions of the relief should consult the full Akin Gump alert and the CFTC no-action letter itself.

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Sources

1 outlet

AlphaMaven summarised this story from the reporting below. Each link opens the original article.

Akin CFTC Relief Eliminates Dual US Regulation of Certain Investment Managers