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Exemptive Letters

Date
Exemptive Letters
01/17/2001
01-01 PDF Image; 4.22(c) & (d); Exemption
The CPO of a pool made final distributions as of July 2000, and requested exemption from the requirement of Rules 4.22(c) and (d) that the pool's 2000 Annual Report be audited. The participants submitted consent waiver statements in support of the exemption.
01/16/2001
01-03 PDF Image; Regulations 4.7(b)(2) and 4.7(b)(3); Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO (CPO X) from the periodic and annual reporting requirements of Rules 4.7(b)(2) and 4.7(b)(3) in connection with its operation of a master fund that has as its sole participants two feeder funds. CPO X serves as the CPO of one of the feeder funds and CPO Y serves as the CPO of the other feeder fund. Both CPOs share the same managing members. Accordingly, the Division reasoned that requiring CPO X to provide periodic and annual reports would, in the one instance, be requiring it to provide information to itself, and, in the second instance, effectively be requiring it to provide information to itself since both CPOs have the same managing members. Relief is subject to the conditions that: (i) CPO X and CPO Y remain the CPOs of the respective funds, and the managing members of CPO X and CPO Y remain the same; (ii) participation in the Master Fund is limited to the two feeder funds; and (iii) the annual report of the feeder funds contain financial statements that include, among other information, the fees associated with the operation of the Master Fund.
01/25/2001
01-04 PDF Image; 4.22(c) & (d); Exemption
The CPO of a pool dissolved after four months of trading and requested exemption from the requirement of Rules 4.22(c) and (d) that the pool distribute an audited Annual Report. Based on the unique circumstances associated with this Pool, specifically the proprietary nature of the pool, the only participant (the sponsor/manager of the pool) was not required to file a supporting statement or distribute an unaudited report to itself.
01/30/2001
01-05 PDF Image; 4.22(c) and (d); Exemption
The CPO of a pool, in which all of the participants in the pool were principals of the CPO or close family members, requested exemption from filing a certified Annual Report. The participants submitted consent waiver statements in support of the exemption. That exemption was granted. Further, as long as the pool continues to do business without soliciting unaffiliated participants, the CPO need not make the same claim for relief each year.
02/09/2001
01-06 PDF Image; Rule 4.23; Exemption
A U.S. CPO entered into an agreement with its administrator, an offshore entity, to maintain the books and records of the non-U.S. commodity pools operated by the U.S. CPO at its administrator's offshore location. The exemption was granted upon several conditions, including: (1) the CPO notify the Division if the location of any such books and records changes from that as represented to us; (2) the CPO notify the Division of any changes in law that would affect or impede production of the books and records; and (3) the CPO disclose where all books and records are maintained.
02/23/2001
01-09 PDF Image; 4.22(d); Exemption
The CPO of a pool, which commenced trading late November 2000, requested exemption from the requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The participants supported the request. That exemption was granted upon condition that: 1) an unaudited 2000 Annual Report be provided to the participants, and 2) the audited 2001 report will include 2000 data.
03/14/2001
01-12 PDF Image; Rule 4.23; Exemption
Exemption: A U.S. CPO entered into an agreement with its administrator, an offshore entity, to maintain the books and records of the non-U.S. commodity pools operated by the U.S. CPO at its administrator's offshore location. The exemption was granted upon several conditions, including: (1) the CPO notify the Division if the location of any such books and records changes from that as represented to us; (2) the CPO notify the Division of any changes in law that would affect or impede production of the books and records; and (3) the CPO disclose where all books and records are maintained.
03/15/2001
01-13 PDF Image; Sections 4.22(c) & (d); Exemption
The CPO of a pool, which commenced trading June 2000, requested exemption from the requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The request was denied on the basis of the length of time the pool was in operation and the size of the pool. The CPO was required to file a certified Annual Report for 2000 and granted an extension of time in which to file the required report.
03/16/2001
01-14 PDF Image; Rules 4.22(c) & (d); Exemption
The CPO of a small fund requested exemption from filing a certified Annual Report for year ending December 2000. The participants submitted statements in support of the exemption. The exemption was granted based on the size of the fund, the closely held nature of the fund and the fund was not soliciting or accepting new participants.
03/16/2001
01-15 PDF Image; Rules 4.22(c) & (d); Exemption
The CPO of a pool, which commenced trading November 2000, requested exemption from the requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The participants supported the request. The exemption was granted upon condition that: (1) an unaudited 2000 Annual Report is provided to the participants, Commission, and NFA, and (2) the audited 2001 report will include the 2000 data.
03/16/2001
01-16 PDF Image; Rules 4.22(c) & (d); Exemption
The CPO of a small fund requested exemption from filing a certified Annual Report for year ending December 2000. The participants submitted statements in support of the exemption. The exemption was granted based on the size of the fund, the closely held nature of the fund, and the fund was not soliciting or accepting new participants.
03/19/2001
01-17 PDF Image; Rules 4.22(c) & (d); Exemption
The CPO of a pool that commenced trading September 1, 2000, requested exemption from the requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The participants supported the request. That exemption was granted upon condition that: (1) an unaudited 2000 Annual Report be provided to the participants; and (2) the audited 2001 report will include the 2000 data.
03/13/2001
01-18 PDF Image; Section 4f(b) of the CEAct and Commission Regulations 1.10 and 1.16; Exemption
The Division of Trading and Markets exempted a futures commission merchant (FCM) from the requirement in Regulations 1.10 and 1.16, that it file with the Commission a certified Form 1-FR-FCM within 90 days of its fiscal year end. The FCM did not carry customer accounts and was not otherwise engaged in activities requiring registration as an FCM. Furthermore, the FCM had submitted a request to have its FCM registration withdrawn.
03/23/2001
01-19 PDF Image; Regulations 4.7(b)(2) and 4.7(b)(3); Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of Rules 4.7(b)(2) and 4.7(b)(3) in connection with its operation of a master fund that has as its sole participants three feeder funds that are also operated by the CPO. The relief is subject to the conditions that: (i) the CPO remain the CPO of the Master Fund and the Feeder Funds; (ii) participation in the Master Fund is limited to the three Feeders Funds; and (iii) the annual report of the Feeder Funds contain financial statements that include, among other information, the fees associated with the operation of the Master Fund.
03/28/2001
01-22 PDF Image; 4.22(f)(1); Exemption
The CPO of a pool that could not obtain an Annual Report from an investee fund until the end of the reporting period requested an extension of time to file its Annual Report. That extension was granted based upon the determination that the representations made in the request and that of the accountant established the type of unusual circumstances warranting relief under 4.22(f)(1).
03/29/2001
01-23 PDF Image; Rule 4.22(c) and (d).; Exemption
The CPO of a small fund requested exemption from filing a certified Annual Report for year ending December 2000. The participants submitted statements in support of the exemption. The exemption was granted based on the size of the fund, the closely held nature of the fund and the fund was not soliciting or accepting new participants.
03/29/2001
01-24 PDF Image; Rule 4.22(c) and (d); Exemption
The CPO of a pool, which anticipates cessation prior to May 2001, requested exemption from the requirement of Rule 4.22(c) and (d) that the pool's 2000 Annual Report be certified and distributed, and that the CPO be allowed to file a certified Annual Report for the 17-month period from January 2000 through May 31, 2001. The request was granted.
03/29/2001
01-25 PDF Image; Rule 4.22(c) and (d); Exemption
The Accountant preparing the Annual Report on behalf of a pool requested a short extension of time to file the Annual Report in order to make some minor but important corrections to the accounting for certain partner distributions. The request was granted.
03/29/2001
01-26 PDF Image; Rule 4.22(c) and (d); Exemption
The CPO of a pool, which ceased operations in February 2001, requested exemption from the requirement of Rule 4.22(c) and (d) that the pool's 2000 Annual Report be certified and distributed, and that the CPO be allowed to file a certified Annual Report for the 14-month period from January 2000 through February 28, 2001. The request was granted.
03/29/2001
01-27 PDF Image; Rule 4.22(d); Exemption
The CPO of a pool, which commenced trading November 2000, requested exemption from the requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The participants supported the request. The exemption was granted upon condition that: (1) an unaudited 2000 Annual Report is provided to the participants, Commission and NFA, and (2) the audited 2001 report will include the 2000 data.
03/29/2001
01-28 PDF Image; Rule 4.22(d); Exemption
The CPO of a pool was dissolved by the end of December 2000 and requested exemption from filing a certified Annual Report for year-end. The participants submitted statements in support of the exemption. The exemption was granted upon condition that an unaudited 2000 Annual Report be provided to the participants.
03/30/2001
01-29 PDF Image; Rule 4.22(d); Exemption
The CPO of a pool that commenced trading September 1, 2000, requested exemption from the requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The Pools' only participant was its sponsor/manager. Given the proprietary nature of the Pool, a statement from the participant was not necessary nor the distribution of a 2000 uncertified report. The exemption was granted upon condition that the audited 2001 report include the 2000 data.
04/02/2001
01-30 PDF Image; Rule 4.23; Exemption
A CPO requested relief from the requirement of the books and records location of Rule 4.23. The CPO was permitted to keep its books and records at a location rather than its main business office. The CPO was permitted to maintain its books and records at the main business office of the entity that provides administrative services to the CPO.
04/03/2001
01-32 PDF Image; Rule 4.22(c) and (d); Exemption
The CPO of a pool that started trading in September 2000 requested exemption from the requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The participants supported the request. The exemption was granted. The CPO filed a 4.7 exemption notice in February 2001 and future filings of financial information on behalf of the pool must be made pursuant to Rule 4.7.
04/03/2001
01-33 PDF Image; Rule 4.22(c) and (d); Exemption
The CPO of a pool in the process of liquidation requested exemption from the requirement of Rule 4.22 (d) that the pool's 2000 Annual Report be audited. The CPO also requested that the closeout report be exempted from the certification requirements of 4.22(d). The partnership had only two investors that held remaining interests of less than one-half million dollars and would bear the costs of the certified Annual Report. The participants supported the request. The request included the unaudited report for the period January 1, 2000, through December 31, 2000. The exemption was granted upon the condition that: (1) the pool's closeout report include the period from January 1, 2001, through May 31, 2001, and (2) the CPO distribute an unaudited closeout report for the period from January 1, 2001, through May 31, 2001, to the participants.
04/04/2001
01-34 PDF Image; Rule 4.22; Rule 4.7; Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file Annual Reports containing the information required by Section 4.7 for its pools' year-end 2000. The CPO submitted a statement from the pool's accountant. Based on supporting documentation, the request for relief was granted for the pools.
04/17/2001
01-36 PDF Image; Rule 4.22(c).; Exemption
The CPO of a pool requested exemption from the requirement of Rule 4.22(c) that the pool's 2000 Annual Report be distributed. The Pool's only participants were its general partners and a member of the co-CPO. Given the proprietary nature of the Pool, a statement from the participants was not necessary nor the distribution of a 2000 uncertified report. The Pool operates pursuant to a Rule 4.7 exemption.
04/17/2001
01-37 PDF Image; Rule 4.22 (c); Exemption
The CPO of a pool requested exemption from the requirement of Rule 4.22(c) that the pool's 2000 Annual Report be distributed. The Pool's only participant was the affiliate of the pool operator. Given the proprietary nature of the Pool, a statement from the participant was not necessary nor the distribution of a 2000 uncertified report. The Pool operates pursuant to a Rule 4.7 exemption.
04/20/2001
01-38 PDF Image; Rule 4.22(f)(1); Exemption
The registered CPO of pools requested, under Rule 4.22(f)(1), an extension to file its audited report. The auditors are not permitted to certify the audited financial statements until they receive the opinion letters for the pools from the attorneys outside of the U.S. Based on the supporting information, the extension was granted until April 30, 2001.
04/20/2001
01-39 PDF Image; Rule 4.22(f)(1); Exemption
The registered CPO of pools requested, under Rule 4.22(f)(1), an extension to file its audited report. The auditors are not permitted to certify the audited financial statements until they receive the opinion letters for the pools from the attorneys outside of the U.S. Based on the supporting information, the extension was granted until April 30, 2001.
05/16/2001
01-43 PDF Image; Rule 4.22(d); Exemption
The CPO of a small pool requested exemption from the requirement of rule 4.22(d) that the pool's 2000 Annual report be audited. The Fund terminated trading in October and had one participant by the end of the year. The participants supported the request. The exemption was granted.
05/02/2001
01-44 PDF Image; Rules 4.7(b)(2) and 4.7(b)(3); Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of rules 4.7(b)(2) and 4.7(b)(3) in connection with its operation of a master fund that has as its sole participant two feeder funds that are also operated by the CPO. The relief is subject to the conditions that: (i) the CPO remain the CPO of the Master Fund and the Feeder Funds; (ii) participation in the master Fund is limited to the two Feeder Funds, and any fund for which the CPO is the sole CPO and files a claim for exemption under rule 4.7; and (iii) the annual reports of the Feeder Funds contain financial statements that include, among other information, the fees associated with the operation of the Master Fund.
05/24/2001
01-46 PDF Image; Rule 4.22(f)(1); Exemption
registered CPO requested, under rule 4.22(f) (1), an extension of time to file its audited report. The CPO did not have the audited reports of investee pools. The CPO submitted statements from the investee pools and the pool's accountant. Based on supporting documentation, the request for relief was granted for the CPO until June 15, 2001.
06/08/2001
01-50 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until late June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until July 16, 2001.
06/08/2001
01-51 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until mid to late June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until June 29, 2001.
06/08/2001
01-52 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until late June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until July 10, 2001.
06/08/2001
01-53 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until late June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until June 29, 2001.
06/08/2001
01-54 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until late June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until July 16, 2001.
06/08/2001
01-55 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until mid or late June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until July 16, 2001.
06/08/2001
01-56 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until mid June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until June 29, 2001.
06/08/2001
01-57 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until mid July 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until July 31, 2001.
06/13/2001
01-58 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The CPO was working to obtain a legal opinion concerning certain partnership issues. The CPO submitted a statement from the pool's accountant. Based on supporting documentation, the request for relief was granted for the CPO until July 30, 2001.
06/13/2001
01-59 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until mid-June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until June 29, 2001.
06/19/2001
01-63 PDF Image; Regulations 4.21 and 4.22; Exemption
The Division of Trading and Markets provided exemptive relief to registered CPOs from the periodic and annual reporting requirements of Rules 4.21 and 4.22 in connection with their joint operation of a master fund that has as its sole participants two feeder funds that are also operated by the CPOs. The relief is subject to the conditions that: (i) the CPOs remain the CPOs of the Master Fund and the Feeder Funds; (ii) participation in the Master Fund is limited to the two Feeder Funds, and any fund for which the CPOs are the sole CPOs; and (iii) the annual reports of the Feeder Funds contain financial statements that include, among other information, the fees associated with the operation of the Master Fund.
06/21/2001
01-65 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The CPO did not have the audited reports of investee pools. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until June 29, 2001.
06/21/2001
01-66 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The CPO anticipated that the audit would be final by late June. The CPO submitted a statement from the pool's accountant. Based on supporting documentation, the request for relief was granted for the CPO until July 2, 2001.
06/28/2001
01-68 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an extension of time to file its audited report. The audited reports of investee pools would not be available until late June 2001. The CPO submitted a statement from the pool's accountant and provided information regarding the missing investee pools. Based on supporting documentation, the request for relief was granted for the CPO until July 9, 2001.
07/17/2001
01-71 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO requested, under Rule 4.22(f)(1), an additional extension of time to file its audited report. The CPO did not have the audited reports of investee pools. The CPO submitted statements from the investee pools and the pool's accountant. Based on supporting documentation, the request for relief was granted for the CPO until August 15, 2001.
07/17/2001
01-72 PDF Image; Rule 4.22(d); Exemption
The CPO of a pool, which commenced trading October 2000, requested exemption from them requirement of Rule 4.22(d) that the pool's 2000 Annual Report be audited. The participants supported the request. That exemption was granted upon condition that the audited 2001 report will include the 2000 data.
09/10/2001
01-78 PDF Image; Regulation 4.21 and 4.22; Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of Rules 4.21 and 4.22 in connection with its operation of a master fund that has as its sole participants two feeder funds that are also operated by the CPO. The relief is subject to the conditions that: (i) the CPO remain the CPO of the Master Fund and the Feeder Funds; (ii) participation in the Master Fund is limited to the two Feeder Funds; and (iii) the annual reports of the Feeder Funds contain financial statements that include, among other information, the fees associated with the operation of the Master fund.
09/24/2001
01-79 PDF Image; Rule 4.22(d); Exemption
The CPO of a pool that closed requested exemption from the requirement of Rule 4.22(d) that the pool's 2001 Annual Report be audited. The participants supported the request. The exemption was granted.
10/11/2001
01-80 PDF Image; Rule 4.23; Exemption
A CPO requested relief from the requirement of the books and records location of Rule 4.23. The CPO was permitted to keep its books and records at a location other than its main business office. The CPO was permitted to maintain its books and records at the main business office of the entity that provides administrative services to the CPO.
10/24/2001
01-81 PDF Image; Regulations 4.7(b)(2) and 4.7(b)(3); Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of Rules 4.7(b)(2) and 4.7(b)(3) in connection with its operation of a master fund that has as its sole participants two Feeder Funds that are also operated by the CPO. The relief is subject to the conditions that: (i) the CPO remain the CPO of the Master Fund and the Feeder Funds; (ii) participation in the Master Fund is limited to the two Feeder Funds; and (iii) the annual reports of the Feeder Funds contain financial statements that include, among other information, the fees associated with the operation of the Master Fund.
11/21/2001
01-85 PDF Image; Regulations 4.21 and 4.22; Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO (CPO X) from the disclosure, periodic, and annual reporting requirements of Rules 4.21 and 4.22 in connection with its operation of a master fund that has as its sole participants two feeder funds. CPO X serves as the CPO of one of the feeder funds and CPO Y serves as the CPO of the other feeder fund. Both CPOs share the same managing members. Accordingly, the Division reasoned that requiring CPO X to provide a disclosure document and periodic and annual reports would, in the one instance, be requiring it to provide information to itself, and in the second instance, effectively be requiring it to provide information to itself since both CPOs have the same managing members. Relief is subject to the conditions that: (i) CPO X and CPO Y remain the CPOs of the respective funds, and the managing members of CPO X and CPO Y remain the same; (ii) participation in the Master Fund is limited to the two feeder funds; and (iii) the annual reports of the feeder funds contain financial statement that include, among other information, the fees associated with the operation of the Master Fund.
11/21/2001
01-86 PDF Image; Regulations 4.7(b)(2) and 4.7(b)(3); Exemption
The Division of Trading and Markets provided emptive relief to a registered CPO from the periodic and annual reporting requirements of Rules 4.7(b)(2) and 4.7(b)(3) in connection with its operation of master funds that have as their sole participant one of two feeder funds that are also operated by the CPO. The relief is subject to the conditions that: (i) the CPO remain the CPO of the Master Funds and the Feeder Funds; (ii) participation in the Master Funds is limited to the two Feeder Funds; and (iii) the annual reports of the Feeder Funds contain financial statements that include, among other information, the fees associated with the operation of the Master Funds.
12/11/2001
01-90 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 pool requested permission to file monthly periodic reports to participants, which is more frequent than the quarterly periodic reports required by Rule 4.7(b)(2), but the CPO requested permission to file those reports 45 days after the end of the month. The exemption was granted based on the fact that, on balance, the participants would receive the majority of the financial information earlier than if the CPO were filing quarterly information.

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