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Exemptive Letters

Date
Exemptive Letters
01/11/2008
08-01 PDF Image; Rules 4.21, 4.22 and 4.23; Exemption
The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of a commodity pool, whose shares the CPO intended to publicly offer and to list for trading on a national securities exchange. As is discussed in the letter, this relief was in the nature of substituted compliance with those regulations.
01/29/2008
08-02 PDF Image; Rules 4.21, 4.22 and 4.23; Exemption
The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of three commodity pools, whose shares had been publicly offered and listed for trading on a national securities exchange. Prior to issuance of the Division’s letter, the pools had been operated in compliance with Part 4. As is discussed in the letter, relief granted by the Division was in the nature of substituted compliance with the regulations from which relief was sought. Exemptive relief was also provided with respect to future commodity pools with the same structural and operational features as the CPO’s existing pools.
02/26/2008
08-04 PDF Image; Regulations 4.7 and 4.23; Exemption
The Division of Clearing and Intermediary Oversight granted exemptive relief from the books and records location requirement of Regulations 4.7 and 4.23. This exemption was conditioned upon: (1) the contractual obligation of the alternative recordkeepers to retain books and records of the CPO for the period required in Commission regulations and to make them available as required in Commission regulations; (2) availability within 48 hours (72 hours for offshore locations) of original books and records at the CPO’s main business office); (3) the CPO remaining responsible for ensuring compliance with Regulations 1.31, 4.7 and 4.23, and for availability of books and records to CFTC and NFA; (4) disclosure of the location of required books and records on the CPO’s pool Disclosure Documents; and (5) notification to the Division if the location of required books and records changes.
08/20/2008
08-15 PDF Image; Rules 4.21, 4.22 and 4.23; Exemption
The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of a commodity pool, whose shares the CPO intended to publicly offer and to list for trading on a national securities exchange. As is discussed in the letter, this relief was in the nature of substituted compliance with those regulations.
09/03/2008
08-16 PDF Image; Rules 4.21, 4.22 and 4.23; Exemption
The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of a commodity pool, whose shares the CPO intended to publicly offer and to list for trading on a national securities exchange. As is discussed in the letter, this relief was in the nature of substituted compliance with those regulations.
08/29/2008
09-16 PDF Image; Regulations 4.7(b)(3) and 4.22(c); Exemption
The CPO of a master fund and two feeder funds whose sole investment was in the master fund requested an interpretation or exemption with respect to the due date of the final annual report for one of the feeder funds that ceased operation as of June 30, 2008. Participants in the feeder fund that was ceasing operation exchanged their units for units in the second feeder fund. The CPO proposed that, rather than filing an annual report by September 30, 2008 for the feeder fund ceasing operation, it be permitted to file the report by March 31, 2009. The CPO claimed that the participants were not redeeming their investments, and represented further that there would be an additional cost in preparing a mid-year report because additional information from the master fund as of June 30, 2008 would be necessary. DCIO clarified that the fund did, in fact, cease operation as of June 30, 2008 and therefore its report was due within 90 days, but provided an extension of the report’s due date to March 31, 2009 on the basis that participants were transferred into a nearly identical investment and would continue to receive periodic reports on the value of their investment prior to the issuance of the fund’s final annual report.

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