NFA Amends Compliance Rule 2-45 Affecting CPO Lending to Affiliates - 25 March 2026

The National Futures Association (NFA) has announced amendments to Compliance Rule 2-45 and related Interpretive Notice 9062, effective March 24, 2026.

Rule 2-45 generally prohibits commodity pool operators (CPOs) from allowing pools to make loans or advances to the CPO or its affiliates. The amendments introduce a broader exclusion permitting certain CPOs to engage in affiliate lending where necessary to implement investment strategies.

Specifically, the revised rule allows loans to affiliated entities for CPOs operating exempt pools (under CFTC Regulations 4.13 or 4.7 or certain no-action relief), provided the CPO is registered with the SEC as an investment adviser (or affiliated with one) and manages at least $1.5 billion in assets. The amendments also impose conditions to ensure such transactions are conducted in the best interests of pool participants.

In addition, the NFA has:

• Codified certain previously permitted lending transactions within the rule itself;
• Provided enhanced guidance on compliance through updates to Interpretive Notice 9062; and
• Clarified the definitions of “affiliated” and “related” for purposes of the rule.

These changes are intended to provide greater flexibility for CPOs while maintaining investor protections. 

© 2025 CCH Incorporated and its affiliates and licensors. All rights reserved.