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Exemptive Letters

Date
Exemptive Letters
01/16/2014
14-04 PDF Image; Section 5b(c)(2) of the CEA and Part 39 of CFTC Regulations; Exemption
North American Derivatives Exchange, Inc. (Nadex) requested exemptive relief from certain provisions of the Commission’s Part 39 regulations applicable to derivatives clearing organizations due to the unique nature of Nadex’s business model.
01/23/2014
14-06 PDF Image; Regulations 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of three commodity pools all operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to permit it to file an Annual Report for the pools for the period from their inception of trading on November 1, 2013 to December 31, 2014. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a) conditioned upon the future filing and distribution of a certified Annual Report for the period from November 1, 2013 through December 31, 2014, in compliance with Regulation 4.7(b)(3).
01/31/2014
14-09 PDF Image; Regulations 4.7(b)(3), 4.22(d), 4.12(a), and 140.93; Exemption
The CPO of a commodity pool operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pools' annual reports be audited. The CPO was not required to submit waivers because the pool's only participants are two partners of the CPO. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the filing and distribution of an unaudited Annual Report that otherwise complies with Commission regulation 4.7(b)(3).
01/31/2014
14-10 PDF Image; Regulations 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of an offshore commodity pool requested relief from the requirement in Commission regulation 4.7 that the pool's financial statements be prepared in accordance with U.S. GAAP. The CPO requested permission to use Luxembourg GAAP in lieu thereof. The CPO represented that the preparation of the pool's financial statements would satisfy the requirements of Commission regulation 4.22(d)(2)(i) with respect to the use of Luxembourg GAAP. The Division granted relief to the CPO with respect to the distribution of annual financial statements prepared in accordance with Luxembourg GAAP in lieu of US GAAP
01/31/2014
14-11 PDF Image; Regulations 4.7(b)(3), 4.22(d), 4.12(a), and 140.93; Exemption
The CPO of two commodity pools all operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pools' annual reports be audited. The CPO requested permission to file unaudited financial statements for the period from their inception of trading on October 1, 2013 to December 31, 2013. The CPO agreed to file an audited financial statement for the 15-month period from October 1, 2013 through December 31, 2014. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the future filing and distribution of a certified Annual Report for the period from October 1, 2013 through December 31, 2014, in compliance with Regulation 4.7(b)(3) and the filing and distribution of an unaudited Annual Report that otherwise complies with Commission regulation 4.7(b)(3)(i) for the period from October 1, 2013 to December 31, 2014.
02/07/2014
14-13 PDF Image; Regulations 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of two commodity pools operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to permit it to file an Annual Report for the pools for the period from their inception of trading, July 19, 2013, to December 31, 2014. The CPO submitted signed subscription documents from all seven participants, acknowledging the terms of the Pools’ offering memorandum, which included the CPO’s intent to file and distribute an 18-month Annual Report for the Pools’ first fiscal year. DSIO granted relief pursuant to Regulations 140.93 and 4.12(a) conditioned upon the future filing and distribution of a certified Annual Report for the period from July 19, 2013 to December 31, 2014, in compliance with Regulation 4.7(b)(3).
02/07/2014
14-14 PDF Image; Regulations 4.7(b)(3), 4.22(d); Exemption
The CPO of a commodity pool operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pool’s annual report be audited. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the filing and distribution of an uncertified Annual Report for fiscal year 2013 that otherwise complies with the provisions of Regulation 4.7(b)(3).
02/19/2014
14-19 PDF Image; 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulations 4.7(b)(3) and 4.22(d)(1) that the financial statements in the pool’s annual report be audited. At the end of the 2013 fiscal year, the pool had just one participant, who also is a controlling principal of the CPO and oversees the daily operations of both the CPO and the pool. DSIO granted relief from the audit requirement for the 2013 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2013 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
02/24/2014
14-22 PDF Image; 4.7(b)(3), 4.12(a), 4.22(d)(1) and 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from that regulation’s annual report requirement, in order to permit the CPO to file an annual report for the pool for the period of January 1, 2013 through January 31, 2014. The CPO determined to wind up the Pool’s operations on January 23, 2014, and by January 31, the Pool had permanently ceased trading. On February 13, 2014, the CPO completed the winding up process and made final distributions to the pool’s 15 participants. The Division granted the exemptive relief pursuant to Commission Regulations 4.12(a) and 140.93, and conditioned such relief on the future filing of a certified annual report for the period of January 1, 2013 through January 31, 2014.
02/21/2014
14-23 PDF Image; Regulations 4.7(b)(3), 4.22(d); Exemption
The CPO of a commodity pool operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pool’s annual report be audited. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the filing and distribution of an uncertified Annual Report for fiscal year 2013 that otherwise complies with the provisions of Regulation 4.7(b)(3).
02/27/2014
14-24 PDF Image; 4.7(b)(3), 4.22(c) and 4.22(d); Exemption
This letter provides relief for a CPO to combine a portion of a pool’s 2013 operations (the pool had a capitalization date in October 2013) with 2014 for the purposes of filing an audited Annual Report. As such, instead of requiring the CPO to incur the expense of preparing an audited Annual Report for the pool for the 3 month period ending December 31, 2013, the CPO would instead file an audited Annual Report for the period spanning October 1, 2013 through December 31, 2014.
03/10/2014
14-30 PDF Image; Regulations 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report and certification requirements in Regulations 4.22(c) and (d), in order to permit it to file an Annual Report for the pool for the period from the date it began operations, December 1, 2013, to December 31, 2014. In support of its request, the CPO submitted waivers from all twelve of the pool’s participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution to participants of a certified Annual Report for the period from December 1, 2013 to December 31, 2014, in compliance with Regulations 4.22(c) and (d).
02/21/2014
14-35 PDF Image; Regulations 4.21, 4.24, and 4.25; Exemption
The CPO of a commodity pool organized as a Delaware statutory trust requested relief to provide investors with disclosure documents for certain of the series of the trust separate from the disclosure document for the rest of the trust’s series due to compliance requirements pursuant to securities laws and regulations. The Division granted exemptive relief.
02/20/2014
14-36 PDF Image; Regulations 4.21, 4.24, and 4.25; Exemption
The CPO of a commodity pool organized as a Delaware statutory trust requested relief to provide investors with disclosure documents for certain of the series of the trust separate from the disclosure document for the rest of the trust’s series due to compliance requirements pursuant to securities laws and regulations. The Division granted exemptive relief.
03/18/2014
14-37 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report and certification requirements in Regulations 4.7(b)(3) and 4.22(d), in order to permit it to file an Annual Report for the pool for the period from the date the pool began trading, July 12, 2013 to December 31, 2014. In support of its request, the CPO submitted waivers from the pool’s sole non-proprietary participant evidencing their consent to the relief requested. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon (1) the distribution of unaudited financial statements and tax information for the 2013 fiscal year to the non-proprietary participant, as the CPO proposed in its request, and (2) the future filing and distribution to the participant of a certified Annual Report for the period from July 8, 2013 (the date the pool received non-proprietary funds) to December 31, 2014, in compliance with Regulations 4.7(b)(3) and 4.22(d).
03/10/2014
14-42 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d). The CPO requested permission to file an uncertified annual report for fiscal year 2013. The CPO represented that the pool has two participants who are principals of the CPO. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 permitting the filing and distribution of an uncertified annual report for fiscal year 2013.
03/10/2014
14-43 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d). The CPO requested permission to file an uncertified annual report for fiscal year 2013. The CPO represented that the pool has two participants who are principals of the CPO. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 permitting the filing and distribution of an uncertified annual report for fiscal year 2013.
03/26/2014
14-44 PDF Image; Regulations 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.22(c) and (d). In support of its request, the CPO represented that the commodity pool is currently proprietary, consisting solely of the managing member’s initial capital contribution, though the CPO is actively soliciting contributions from potential participants. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 from the certification requirement in Regulation 4.22(d), conditioned upon the CPO’s filing of an unaudited Annual Report otherwise in compliance with Regulation 4.22(c).
03/27/2014
14-47 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d). The CPO requested permission to file a 15-month annual report for the period from inception of trading on October 1, 2013 through December 31, 2014. The CPO represented that the pool has one participant and attached waivers from both evidencing consent to the relief requested. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 permitting the filing of 15-month certified annual report for the period from October 1, 2013 through December 31, 2014.

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