On April 17, the Investment Company Institute (ICI) and the U.S. Chamber of Commerce (the Chamber, and together with the ICI, the Organizations) filed suit against the U.S. Commodity Futures Trading Commission (CFTC) challenging the legality of newly amended CFTC Rule 4.5 (the Rule). The Rule, amended in February 2012, stipulates that registered investment advisers to certain registered investment companies trading in commodity contracts and derivatives would be required to register with the CFTC as commodity pool operators. The Organizations allege that the CFTC violated the Commodity Exchange Act and Administrative Procedure Act by failing to perform the proper cost-benefit analysis on the amended Rule's impact. The lawsuit seeks to block the CFTC from implementing changes to the Rule. 

Source: Investment Management Alert
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