On November 21, 2025, the Structured Finance Association, on behalf of the risk transfer market, received no-action relief on the issue of registration as a commodity pool operator (“CPO”) from the staff of the Division of Market Participants of the Commodity Futures Trading Commission (“CFTC”). This long-awaited relief provides greater certainty that participants in certain credit risk transfer (“CRTs”) transactions do not need to register as CPOs. The relief is effective immediately. In this Legal Update, we provide background on the CPO issue for certain CRTs and describe how the CFTC staff’s no-action relief (“NAL 25-37”) addresses it.
Read the Legal Update.