Any person engaged in an investment trust, syndicate, or similar form of enterprise (a commodity pool) that solicits, accepts, or receives funds, securities, or property for the purpose of trading certain futures contracts, commodity options, or swaps (7 USC § 1a(11)). Asset managers, such as managers of hedge funds, or their advisors, are often required to register as CPOs. The CPO either makes trading decisions on behalf of the commodity pool or engages a commodity trading advisor (CTA) to do so. CPOs must register with the Commodity Futures Trading Commission (CFTC) and must be members of the National Futures Association (NFA).