The U.S. Court of Appeals for the District of Columbia Circuit has put alternative mutual funds on notice after ruling in favor of the Commodity Futures Trading Commission by upholding its recent amendments to Rule 4.5 that will require mutual funds that bet on gold, oil or other commodities to register as commodity pool operators.

The U.S. Court of Appeals for the District of Columbia Circuit last month rejected an argument by the U.S. Chamber of Commerce and the Investment Company Institute that the CFTC rule should be tossed out because mutual funds are already registered with the Securities and Exchange Commission and that registering with the CFTC would be both duplicative and expensive.

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