Consistent with the ongoing trend towards deregulation of the investment management industry in the United States, the Commodity Futures Trading Commission (CFTC) Market Participants Division (MPD) issued a no-action letter on December 19, 2025, to the Managed Funds Association (NAL), stating that it would not recommend that the CFTC commence enforcement action against Securities and Exchange Commission (SEC) registered investment advisers which operate commodity pools that are privately offered solely to qualified eligible persons (QEP Manager), for (1) failing to register with the CFTC as a commodity pool operator (CPO) or commodity trading advisor (CTA) or (2) withdrawing from such registration(s), subject to certain conditions.