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Exemptive Letters

Date
Exemptive Letters
01/24/2002
02-06 PDF Image; Regulations 4.21 and 4.22; Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the disclosure, periodic, and annual reporting requirements of Rules 4.21 and 4.22 in connection with its operation of two master funds. Master Fund I has as it only participants two feeder funds also operated by the CPO. Master Fund II has as its only participant Master Fund I. 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 Master Fund I is limited to the two Feeder Funds; (iii) participation in Master Fund II is limited to Master Fund I; and (iv) 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.
02/14/2002
02-09 PDF Image; 4.22(d); Exemption
The CPO of a pool ceased trading in April 2001 closing the pool and the single investor's funds were distributed. The CPO requested exemption from the requirement of Rule 4.22(d) that the pool's 2001 Annual Report be audited. The participant submitted a statement in support of the exemption. The exemption was granted upon condition that an unaudited 2001 annual report be provided to the participant, NFA and CFTC.
02/19/2002
02-10 PDF Image; 4.22(d); Exemption
The CPO of a pool ceased trading in April 2001 closing the pool and liquidating the units of ownership. The CPO requested exemption from the requirement of Rule 4.22(d) that the pool's 2001 Annual Report be audited. The participants submitted statements in support of the exemption. The exemption was granted upon condition that an unaudited 2001 annual report be provided to the participants, NFA and CFTC.
02/25/2002
02-11 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a small fund requested exemption from filing a certified Annual Report for year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the size of the fund, the closely held nature of the fund and the fund was not soliciting or accepting new participants.
02/25/2002
02-12 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a small fund requested exemption from filing a certified Annual Report for year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the size of the fund, the closely held nature of the fund and the fund was not soliciting or accepting new participants.
02/27/2002
02-13 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after the quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
02/27/2002
02-14 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
02/27/2002
02-15 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
02/27/2002
02-16 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
02/27/2002
02-17 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
03/05/2002
02-18 PDF Image; Rule 4.7; Exemption
The registered CPO of a pool that terminated early January 2002 requested, under Rule 4.7, permission to file a single and final audited annual report for the period February 1 through January 16, 2002, rather than two reports. The extension was granted.
03/05/2002
02-19 PDF Image; Rule 4.22(f)(1); Exemption
The registered CPO of a pool requested, under Rule 4.22(f)(1), an extension to file its audited report. Due to internal administrative and procedural issues involving the CPO's administrator, financial information and supporting information necessary to support substantive testing of the financial statements has been delayed. The extension was granted until March 15, 2002.
02/27/2002
02-20 PDF Image; Regulations 4.23 and 4.33; Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO and CTA from the books and records location requirements of Rules 4.23 and 4.33 such that the CPO/CTA may maintain its books and records at the main business office of an affiliated company that provides operational support to the CPO/CTA. The relief is subject to the conditions that: (1) the CPO/CTA notify the Division if the location of any of the books and records required by Rules 4.23 and 4.33 changes from that as represented to the Division; (2) the CPO/CTA remains responsible for ensuring that all books and records required by Rules 4.23 and 4.33 are maintained in accordance with Rule 1.31 and for assuring the availability of such records to the Commission, NFA, or any other agency authorized to review such books and records in accordance with the Act and Commission regulations; (3) within forty-eight hours after a request by a representative of the foregoing, the CPO/CTA will obtain the original books and records and provide them for inspection at its main business office; and (4) the CPO/CTA discloses in its Disclosure Documents the location of all books and records required under Commission regulations 4.23 and 4.33. The exemption is further subject to the condition that the CPO/CTA remains fully responsible for compliance with Rules 4.23 and 4.33.
03/08/2002
02-23 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 under the condition that the 2002 Annual Report cover the full 15 months the pool has been in operation.
03/13/2002
02-25 PDF Image; Rule 4.22(d); Exemption
The CPO of a pool that was capitalized in December 2001 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.
03/05/2002
02-26 PDF Image; Regulations 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 Feeder Funds, and any fund for which the CPO is the sole CPO; 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 expressed in dollars and a detailed schedule of investments made by the Master Fund.
03/25/2002
02-28 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a small fund requested exemption from filing an Annual Report for year ending December 2001. The participants, all principals of the CPO, submitted statements in support of the exemption. The exemption was based on the closely held nature of the fund.
04/04/2002
02-30 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 Fund is an entity domiciled in Luxembourg with records also maintained in London and the United States. The Fund's auditors are now required to comply with financial reporting requirements of multiple jurisdictions, including U.S. GAAP. Based on supporting documentation, the request for relief was granted for the CPO until June 30, 2002.
04/04/2002
02-31 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 fund transferred and reorganized from an entity domiciled in the United States to a new entity domiciled offshore. The Fund has new auditors and are now regulated by other jurisdictions with different financial reporting requirements. Based on supporting documentation, the request for relief was granted for the CPO until June 29, 2002.
03/27/2002
02-32 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 and had been informed that the reports would not be available prior to late May 2002. The CPO submitted a statement from the pool's accountant and provided information regarding the investee pools. Based on supporting documentation, the request for relief was granted for the CPO until June 15, 2002.
03/27/2002
02-33 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 three investee pools and had been informed that the reports would not be available prior to late May 2002. The CPO submitted a statement from the pool's accountant and provided information regarding the investee pools. Based on supporting documentation, the request for relief was granted for the CPO until June 30, 2002.
04/04/2002
02-34 PDF Image; Rule 4.22(f)(1); Exemption
A registered CPO of a pool requested an extension to file its audited report for the pool's fiscal year ending December 31, 2001. Pool is in process of final liquidation and CPO requested an exemption from filing under the condition that a final certified audit covering the entire nine-month operating history be filed when completed. The extension was granted conditioned on the CPO filing a non-certified annual report.
04/04/2002
02-35 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a small fund that began trading late in the year requested exemption from filing an Annual Report for year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the closely held nature of the fund and the fact that the 2002 Annual Report will cover the entire operating history of the fund.
04/05/2002
02-36 PDF Image; Rule 4.22(f)(1); Exemption
Two pools invested in collective investment vehicles that are eligible for relief under Rule 4.22(f)(2) of the Commission's regulations, and that, as a consequence of these investee funds having relief to file their Annual Reports, until May 31, 2002, needed additional time to prepare and file their annual reports. This need for additional time, until June 28, 2002, is confirmed in the independent public accountant's letter accompanying their letter.
04/05/2002
02-37 PDF Image; Rule 4.22(f)(1); Exemption
The Funds are subcompartments of a foreign based registered corporate investment structure. Further, because the Fund is a foreign-domiciled Fund the audit process includes a two-step verification process involving parties from the U.S., where the day-to-day activities are handled, and the foreign country, who are required to have sign-off of the audit. This added complexity when combined with the complete closure and de-registration of the pool operator necessitates an extension of April 30, 2002.
04/09/2002
02-39 PDF Image; Rule 4.22(f)(1); Exemption
Where pool's are invested in collective investment vehicles that are eligible for relief under Rule 4.22(f)(2) of the Commission's regulations, and that, as a consequence of these investee funds also having 4.22(f)(2) relief to file their Annual Reports, until May 31, 2002, additional time is granted to prepare and file the report for the Pools. This need for additional time was confirmed in the independent public accountant's letter accompanying your letter.
04/09/2002
02-40 PDF Image; Rule 4.22(f)(1); Exemption
Where a pool has permanently ceased trading on December 20, 2001, and will be liquidated prior to April 15, 2002, relief was granted to provide a certified Annual Report, covering the period of January 1, 2001, to March 31, 2002, to all participants and filed with the Commission and National Futures Association.
04/10/2002
02-41 PDF Image; Rule 4.22(f)(1); Exemption
A pool comprised of one (1) participant, whose investors included the general partner and relatives and close friends of the general partner; in liquidation and not currently trading or planning to do any trading in futures or options on futures; operating pursuant to a Rule 4.7 exemption; and, submitted statements in support of an exemption from filing a financial statement from each of the participants is granted relief from filing a financial report of 2001.
04/10/2002
02-42 PDF Image; Rule 4.22(f)(1); Exemption
After discovering its error, in interpretation, a pool which had interpreted the "Dear CPO Letter" to provide automatic relief from filing an annual report to pools with only a few months of trading requested a 30 day extension to file their certified annual report for 2002.
04/15/2002
02-45 PDF Image; Rule 4.22(f)(1); Exemption
A Commodity Pool Operator that operates several 4.7 "fund-of-fund" pools requested an extension of time to file the annual report until August 31, 2002. The request was denied as the Division staff noted that the benefits of providing an audited financial report were outweighed by the need for pool participants to obtain financial information in a timely manner so that they may make informed investment decisions. Thus, delaying delivery of an annual report until August 31 - five months after the normal deadline - outweighs the advantage of having the annual report certified, in light of the CPO qualifying to file unaudited annual reports due to the 4.7 status of the pools.
04/15/2002
02-46 PDF Image; Rule 4.22(f)(2); Exemption
A Commodity Pool Operator which does not intend to have its 2001 annual report certified does not qualify for the extension under Rule 4.22(f)(2). Thus, the requested relief was denied.
04/15/2002
02-47 PDF Image; Rule 4.22(f)(1); Exemption
After discovering its error in interpretation, a CPO which had interpreted the "Dear CPO Letter" to provide automatic relief from filing an annual report for pools with only a few months of trading requested a 30 day extension to file its certified annual reports for 2002.
04/16/2002
02-48 PDF Image; Rule 4.22(c) and (d); Exemption
The operators of two Funds which ceased trading in 1995 and have liquidated substantially all of their assets, but continue to maintain a small portion of original assets in a custodial account in order to meet certain contingent liabilities, requested relief from the certification requirement of Rule 4.22 (d). The CPOs also represented that no transactions in commodity futures have been entered into since the 1995 liquidation and that no such transactions will be entered into in the future. Based upon these representations, the Division has granted the relief from the certification requirement of Rule 4.22(d) for the Funds' fiscal year ending December 31, 2001, on the condition that the 2001 annual reports must prominently state that the Funds are no longer being operated as commodity pools subject to the Commission's rules. Further, the Division acknowledges that these will be the last annual reports filed with the Commission for the Funds because the Funds have ceased operating as commodity pools within the meaning of Rule 4.10(d).
04/15/2002
02-49 PDF Image; Rule 4.22(f)(1); Exemption
A Commodity Pool Operator whose Pools were organized and capitalized in December 2001 and had as few as one and no more than four investors in any one pool, with a small amount of capitalization and which had done no commodity futures trading in 2001, requested an exemption from filing audited financial reports for 2001. Instead it will issue to all participants and file with the CFTC and NFA certified annual reports covering the 13-month period ending December 31, 2002. The CPO will also distribute and submit unaudited financial statements for December 31, 2001, the entire operating history of the Pools.
04/15/2002
02-50 PDF Image; Rule 4.22(f)(2); Exemption
A Commodity Pool Operator which does not intend to have its 2001 annual report certified does not qualify for the extension under Rule 4.22(f)(2). Thus, the requested relief was denied.
04/15/2002
02-51 PDF Image; Rule 4.22(f)(2); Exemption
A Commodity Pool Operator which does not intend to have its 2001 annual report certified does not qualify for the extension under Rule 4.22(f)(2). Thus, the requested relief was denied.
04/15/2002
02-52 PDF Image; Rule 4.22(f)(2); Exemption
A Commodity Pool Operator which does not intend to have its 2001 annual report certified does not qualify for the extension under Rule 4.22(f)(2). Thus, the requested relief was denied.
04/15/2002
02-53 PDF Image; Rule 4.22(f)(1); Exemption
A Commodity Pool Operator that operates several 4.7 "fund-to-fund" pools requested an extension of time to file the annual report until September 15, 2002. The request was denied as the Division staff noted that the benefits of providing an audited financial report were outweighed by the need for pool participants to obtain financial information in a timely manner so that they may make informed investment decisions. Thus, delaying delivery of an annual report until September 15 - five and one half months after the normal deadline - outweighs the advantage of having the annual report certified, in light of the CPO qualifying to file unaudited annual report due to the 4.7 status of the 4.7 pools.
04/24/2002
02-54 PDF Image; Rule 4.22(f)(1); Exemption
A CPO has requested an extension until May 30, 2002, to file the annual reports for Funds that it operates that have offshore administrators. The independent accountant for the Funds has informed the CPO that the audited financial statements will be delayed due to the accountant's inability to obtain from the offshore administrators information needed to complete the audits in a timely manner.
04/25/2002
02-55 PDF Image; Rule 4.22(f)(1); Exemption
A CPO requested an extension of time until October 31, 2002, to file the December 31, 2001, Annual Report for a pool invested in a fund that has filed for bankruptcy. The Division determined that the bankruptcy of an entity in which a pool is invested does not necessarily preclude the preparation of an annual report for the pool in accordance with General Accepted Accounting Principles (GAAP). Thus, a certified public accountant can issue an opinion on that annual report which will be subject to a scope limitation for the affected investment. Under these circumstances, such a scope limitation would not render the accountant's opinion inconsistent with Rule 4.22(d). In light of the substantial delay in distributing an annual report to the participants that would be necessary to ascertain the final effect of the investee fund's pending bankruptcy on the Pool's financial condition, the request for relief was denied.
05/16/2002
02-58 PDF Image; Rule 4.22(f)(1); Exemption
A Commodity Pool Operator requests an extension of time to file two Pools' financial statements, where the Pools' auditors are delayed due to implementing a new AICPA guideline pertaining to the amortization of premiums and discounts on preferred securities. An extension until May 31, 2002, was granted.
05/31/2002
02-60 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested an exemption to provide quarterly reports to participants 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end, as required by Rule 4.7(b)(2). The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information from the sub-funds could not be received earlier.
05/31/2002
02-61 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/04/2002
02-62 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/04/2002
02-63 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/04/2002
02-64 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/04/2002
02-65 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/04/2002
02-66 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual reports under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/04/2002
02-67 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual reports under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/05/2002
02-68 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
06/06/2002
02-69 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) has requested an additional extension. The additional time is required because the CPO has not yet received information from certain investee funds.
05/06/2002
02-70 PDF Image; Regulation 4.23; Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the books and records location requirements of Rule 4.23 such that the CPO may maintain its books and records at the main business office of an affiliated company that provides operational support to the CPO. The relief is subject to the conditions that: (1) the CPO notify the Division if the location of any of the books and records required by Rule 4.23 changes from that as represented to the Division; (2) the CPO remains responsible for ensuring that all books and records required by Rule 4.23 are maintained in accordance with Rule 1.31 and for assuring the availability of such records to the Commission, NFA, or any other agency authorized to review such books and records in accordance with the Act and Commission regulations; (3) within forty-eight hours after a request by a representative of the foregoing, the CPO will obtain the original books and records and provide them for inspection at its main business office; and (4) the CPO discloses in its Disclosure Documents the location of all books and records required under Commission regulation 4.23. The exemption is further subject to the condition that the CPO/CTA remains fully responsible for compliance with Rule 4.23.
05/24/2002
02-71 PDF Image; Regulation 4.22; Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of Rule 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 Feeder Funds, and any fund for which the CPO is the sole CPO; 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 expressed in dollars and a detailed schedule of investments made by the Master fund.
05/24/2002
02-72 PDF Image; Regulation 4.22; Exemption
The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of Rule 4.22 in connection with its operation of master funds that have as their sole participants feeder funds that are also operated by the CPO. The relief is subject to the conditions that: (i) the CPO remains the CPO of the Master Funds and the Feeder Funds; (ii) the CPO limits participation in the Master Funds to the Feeder Funds, and any fund for which the CPO is the sole CPO; 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 expressed in dollars and a detailed schedule of investments made by the Master Funds.
06/11/2002
02-73 PDF Image; Regulations 4.21 and 4.22; Exemption
The Division of Trading and Markets provided exemptive relief to registered CPOs from the Document Disclosure delivery requirement and 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 jointly 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 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 expressed in dollars and a detailed schedule of investments made by the Master Funds.
06/07/2002
02-74 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) requested an additional extension. The additional time is required because the CPO had not yet received information from certain investee funds.
06/13/2002
02-75 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) requested an additional extension. The additional time is required because the CPO had not yet received information from certain investee funds.
06/14/2002
02-76 PDF Image; Rule 4.22(c) and (d); Exemption
The CPO of a small fund that began trading late in the year requested exemption from filing an Annual Report for the year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the fact that the 2002 Annual Report will cover the entire operating history of the fund.
06/14/2002
02-77 PDF Image; Rule 4.22(f)(2); Exemption
A CPO seeking relief under Rule 4.22(f)(2) which does not intend to have its 2001 annual report certified does not qualify for the relief. As a consequence of the Pool's annual report not being certified, the CPO does not qualify for the extension under Rule 4.22(f)(2). Thus, the requested relief was denied.
06/17/2002
02-78 PDF Image; Rule 4.22 (f)(1); Exemption
A Commodity Pool Operator of a 4.7 "fund of fund" pool requested relief to file the annual report until July 31, 2002. The request was denied as the Division staff noted that the benefits of providing an audited financial report were outweighed by the need for pool participants to obtain financial information in a timely manner so that they may make informed investment decisions. Thus, delaying delivery of an annual report until July 31 outweighs the advantage of having the annual report certified, in light of their qualifying to file unaudited annual reports due to their status as 4.7 pools.
06/28/2002
02-79 PDF Image; Rule 4.22(f); Exemption
A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(1) requested an additional extension. The additional time is required because the CPO had not yet received information from certain investee funds.
07/10/2002
02-82 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a small fund that began trading late in the year requested exemption from filing an Annual Report for year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the fact that the 2002 Annual Report will cover the entire operating history of the fund.
07/10/2002
02-84 PDF Image; Regulations 4.23 and 4.33; Exemption
The Division of Clearing and Intermediary Oversight provided exemptive relief to two registered CPOs and CTAs from the books and records location requirements of Rules 4.23 and 4.33 such that the CPOs/CTAs may maintain their books and records at the main business office of an affiliated company that provides operational support to the CPOs/CTAs. The relief is subject to the conditions that: (1) the CPOs/CTAs notify the Division if the location of any of the books and records required by Rules 4.23 and 4.33 changes from that as represented to the Division; (2) the CPOs/CTAs remain responsible for ensuring that all books and records required by Rules 4.23 and 4.33 are maintained in accordance with Rule 1.31 and for assuring the availability of such records to the Commission, NFA, or any other agency authorized to review such books and records in accordance with the Act and Commission regulations; (3) within forty-eight hours after a request by a representative of the foregoing, the CPOs/CTAs will obtain their respective original books and records and provide them for inspection at their main business office; and (4) the CPOs/CTAs disclose in their respective Disclosure Documents the location of all books and records required under Commission regulations 4.23 and 4.33. The exemption is further subject to the condition that the CPOs/CTAs remain fully responsible for compliance with Rules 4.23 and 4.33.
07/11/2002
02-85 PDF Image; Regulations 4.22, 4.7(b)(2), and 4.7(b)(3); Exemption
The Division of Clearing and Intermediary Oversight provided exemptive relief to registered CPOs from the periodic and annual reporting requirements of Rule 4.22, as modified by Rules 4.7(b)(2) and 4.7(b)(3), in connection with their joint operation of a master fund that has as its sole participant a feeder fund that is also jointly 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 Fund; (ii) participation in the Master Fund is limited to the Feeder Fund; and (iii) the annual reports of the Feeder Fund contain financial statements that include, among other information, the fees associated with the operation of the Master Fund expressed in dollars and a detailed schedule of investments made by the Master Fund.
07/23/2002
02-88 PDF Image; Regulations 4.21 and 4.22; Exemption
The Division of Clearing and Intermediary Oversight provided exemptive relief to a registered CPO from the Disclosure Document delivery and the periodic and annual reporting requirements of Rules 4.21 and 4.22, respectively, 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 Feeder Funds, and any fund for which the CPO is the sole CPO; 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 expressed in dollars and a detailed schedule of investments made by the Master Fund.
08/08/2002
02-93 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a small fund that began trading late in the year requested exemption from filing an Annual Report for year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the fact that the 2002 Annual Report will cover the entire operating history of the funds.
08/13/2002
02-95 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested an exemption to provide quarterly reports to participants 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end, as required by Rule 4.7(b)(2). The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information from the underlying funds could not be received earlier. Further, it was conditioned upon the regular distribution of monthly valuations.
08/23/2002
02-97 PDF Image; Rule 4.7; Exemption
The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7 (b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that after substantial efforts were made, and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
08/23/2002
02-98 PDF Image; Regulations 4.7(b)(2), and 4.7(b)(3); Exemption
The Division of Clearing and Intermediary Oversight provided exemptive relief to a registered CPO (CPO T) 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. CPO T serves as the CPO of two of the feeder funds and CPO U serves as the CPO of the remaining feeder fund. Both CPOs share the same owners. Relief is subject to the conditions that: (i) CPO T and CPO U remain the CPOs of the respective funds, and the owner of CPO T and CPO U remain the same; (ii) participation in the Master Fund is limited to the 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 expressed in dollars and a detailed schedule of investments made by the Master Fund.
08/23/2002
02-99 PDF Image; Regulations 4.7(b)(1), 4.7(b)(2), and 4.7(b)(3); Exemption
The Division of Clearing and Intermediary Oversight provided exemption relief to a registered CPO from the disclosure and periodic and annual reporting requirements of Rules 4.7(b)(1), 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 Feed Funds; (ii) participation in the Master Fund is limited to the Feeder Funds, and any fund for which the CPO is the sole CPO; 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 expressed in dollars and a detailed schedule of investments made by the Master Fund.
08/29/2002
02-101 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a fund that began trading late in the year requested exemption from filing an Annual Report for year ending December 2001. The exemption was based on the fact that the 2002 Annual Report will cover the entire operating history of the fund through January 15, 2003.
08/29/2002
02-102 PDF Image; Regulations 4.21 and 4.22; Exemption
The Division of Clearing and Intermediary Oversight provided exemptive relief to CPO X from the Disclosure Document delivery requirement and periodic and annual reporting requirements of Rules 4.21 and 4.22, respectively, 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 owners. Relief is subject to the conditions that: (i) CPO X and CPO Y remain the CPOs of the respective funds, and the owner of CPO X and CPO Y remain the same; (ii) participation in the Master Fund is limited to the feeder funds and other funds for which either CPO or CPO Y are the CPO; 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 expressed in dollars and a detailed schedule of investments made by the Master Fund.
10/08/2002
02-105 PDF Image; Rule 4.22(c) & (d); Exemption
The CPO of a pool, which ceased trading on June 30, 2002, requested exemption from the requirement of Rules 4.22(c) and (d) that the pool's 2002 Annual Report be audited. The participants submitted consent waiver statements in support of the exemption. The CPO has submitted unaudited statements for January 1 through June 30, 2002. The exemption was granted.
11/14/2002
02-108 PDF Image; Regulations 4.7(b)(1), 4.7(b)(2), and 4.7(b)(3); Exemption
The Division of Clearing and Intermediary Oversight provided exemptive relief to a registered COP from the disclosure and periodic and annual reporting requirements of Rules 4.7(b)(1), 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 COP. The relief is subject to the conditions that: (I) the COP remain the COP of the Master Fund and the Feeder Funds; (ii) participation in the Master Fund is limited to the Feeder Funds, and any fund for which the COP is the sole COP; 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 expressed in dollars and a detailed schedule of investments made by the Master Fund.
10/30/2002
02-109 PDF Image; Regulations 4.21 and 4.22; Exemption
The Division of Clearing and Intermediary Oversight provided exemptive relief to COP X from the Disclosure Document delivery requirement and periodic and annual reporting requirements of Rules 4.21 and 4.22, respectively, in connection with its operation of a master fund that has as its sole participants two feeder funds. COP X serves as the COP of the master fund and one of the feeder funds and COP Y serves as the COP of the other feeder fund. Both Cops share the same owners and mangers. Relief is subject to the conditions that: (I) COP X remains the COP of the master and one of the feeder funds; (ii) Cops X and Y have the same management and ownership; (iii) Y remains the COP for the other feeder fund; (iv) participation in the master fund is limited to the feeder funds or any fund in which X or Y, or both, are the sole Cops; and (v) 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 expressed in dollars and a detailed schedule of investments made by the Master Fund.
11/22/2002
02-110 PDF Image; Rule 4.22(f); Exemption
A CPO has requested an extension of time to file its annual report for the fund it operates. The independent accountant for the Fund has informed the CPO that the audited financial statements will be delayed due to the accountant's inability to obtain from the offshore administrator information needed to complete the audit in a timely manner.
11/22/2002
02-111 PDF Image; Rule 4.22(c) and (d); Exemption
The CPO of a pool that closed requested exemption from the requirements of Rule 4.22(d) that the pool's 2001 Annual Report be audited. An unaudited statement for the operating period was submitted. The exemption was granted due to the small size of the Pool and the small number of participants in the Pool.

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