On September 9, 2014, the Division of Swap Dealer and Intermediary Oversight of the CFTC issued an exemptive letter (the JOBS Act Exemptive Letter) for private fund managers relying on exemptions from registration as commodity pool operators (CPOs) with the CFTC.  This relief harmonizes the CFTC’s CPO exemptions with the 2013 final rules issued by the SEC relating to offerings exempt from registration under the Securities Act of 1933 as required by the JOBS Act.  In a guest article, David M. Matteson and Andrew C. Raby, partner and senior associate, respectively, in the Chicago office of Drinker Biddle & Reath LLP, discuss the impact of the JOBS Act Exemptive Letter and summarize the current state of private fund advertising.  See also “Further CFTC Harmonization of Rules for Hedge Funds: A Welcome and Continuing Trend,” Hedge Fund Law Report, Vol. 7, No. 35 (Sep. 18, 2014).