On July 13, 2012, the Division of Swap Dealer and Intermediary Oversight of the U.S. Commodity Futures Trading Commission (CFTC) published a no-action letter issued on July 10, 2012 (no-action letter) that grants certain eligible commodity pool operators (CPOs) of newly launched pools and commodity trading advisors (CTAs) relief from having to register with the CFTC through December 31, 2012.  The relief comes on the heels of the CFTC’s February 9, 2012 adoption of a number of rule amendments, including the rescission of the Rule 4.13 exemption from CPO registration relied upon by many hedge fund managers, which became effective on April 24, 2012.  See “Do You Need to Be a Registered Commodity Pool Operator Now and What Does It Mean If You Do (Part One of Two),” Hedge Fund Law Report, Vol. 5, No. 8 (Feb. 23, 2012); “Do You Need to Be a Registered Commodity Pool Operator Now and What Does It Mean If You Do? (Part Two of Two),” Hedge Fund Law Report, Vol. 5, No. 19 (May 10, 2012).  This article describes the no-action relief granted to CPOs and CTAs; outlines the steps that CPOs and CTAs must take to claim such exemptive relief; and highlights the ramifications stemming from the no-action relief granted.