Common exemptions from registration are CFTC Rule 4.14(a)(8) and 4.14(a)(10). CFTC Rule 4.14(a)(8) permits limited commodity interest trading advice to be provided to certain entities by an investment adviser that is registered with the SEC or that is otherwise exempt from registration or excluded from the definition of â€œinvestment adviserâ€ under the Advisers Act, and that does not otherwise hold itself out as a CTA. Such advice must be â€œsolely incidentalâ€ to the securities advice provided by the investment adviser.
Under CFTC Rule 4.14(a)(10), advisors that have given commodity trading advice to at most 15 persons during the previous 12 months and do not hold themselves out generally to the public as CTAs are exempt from CTA registration.