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Exemptive Letters

Date
Exemptive Letters
01/30/2015
15-06 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 2014 fiscal year, the pool had four participants, a controlling principal of the CPO who oversees the daily operations of both the CPO and the pool; two entities owned and managed by the principal; and one outside investor. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing, and distribution to the single outside investor, of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/30/2015
15-07 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 2014 fiscal year, the pool had two participants, a controlling principal of the CPO who oversees the daily operations of both the CPO and the pool, and an LLC owned and managed by the principal. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/28/2015
15-08 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 2014 fiscal year, the pool had just two participants, who are the partners of the CPO. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/28/2015
15-09 PDF Image; 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of three 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, September 2, 2014, to December 31, 2015. The pool participants signed subscription documents, acknowledging the terms of the Pools’ offering memorandum, which included the CPO’s intent to file and distribute a 16-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 September 2, 2014, to December 31, 2015, in compliance with Regulation 4.7(b)(3).
02/03/2015
15-10 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of two commodity pools, both operated pursuant to an exemption under Regulation 4.7, requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow the CPO to file an annual report for the pools for the period from December 1, 2014, the date the pools began operations, to December 31, 2015. The CPO submitted signed waivers from its four pool participants, indicating their consent to receive such an annual report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from December 1, 2014 to December 31, 2015.
02/03/2015
15-11 PDF Image; Regulations 4.7(b)(3), 4.12(a), 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 period from January 1, 2014, to January 9, 2015, the date that the pool’s last asset was liquidated after it ceased trading on December 31, 2014. The pool had one participant, an affiliate of the CPO, who consented to receive such an annual report, and 95% of the pool’s assets had already been distributed at the time of the request. The Division granted the exemptive relief pursuant to Commission Regulations 4.12(a) and 140.93, and conditioned such relief on the future filing and distribution of a certified annual report for the period of January 1, 2014 through January 9, 2015.
02/03/2015
15-12 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested relief from the requirements in Regulations 4.7(b)(3) and 4.22(d) to file and distribute to participants an annual report containing audited financial statements. Though initially marketed to outside investors, the pool became and will remain proprietary in nature, the participants being the CPO and accounts owned by the CPO’s managing member. DSIO granted relief from the certification requirement, on the condition that the CPO file an annual report otherwise complying with Regulations 4.7 and 4.22.
02/03/2015
15-13 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of two commodity pools, both operated pursuant to an exemption under Regulation 4.7, requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow the CPO to file an annual report for the pools for the period from November 3, 2014, the date the pools began trading, to December 31, 2015. The CPO stated that one pool feeds into the other, and though solicitation is ongoing, the only participant in the feeder pool currently is the CPO’s CEO. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from November 3, 2014 to December 31, 2015.
03/09/2015
15-16 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 Regulation 4.22(d)(1) that the financial statements in the pool’s annual report be audited. The pool began operations in January 2014, and at the end of the 2014 fiscal year, had two proprietary participants. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
03/09/2015
15-17 PDF Image; 4.12(a), 4.22(c) and (d)(1), and 140.93; Exemption
The CPO of a commodity pool that began trading in June 2014 requested exemptive relief from Regulations 4.22(c) and (d). The CPO submitted waivers from all pool participants, which included two proprietary and three outside investors. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 from Regulation 4.22(d), permitting the filing and distribution of an unaudited 2014 annual report. Such relief is also conditioned upon the future filing and distribution of a certified Annual Report in full compliance with Regulations 4.22(c) and (d) that covers the 2014 and 2015 fiscal years.
03/09/2015
15-18 PDF Image; 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of a commodity pool requested exemptive relief from Regulation 4.22(d)(1), which requires the financial statements included in Annual Reports to be audited. The CPO submitted waivers from all pool participants, consenting to receive an unaudited Annual Report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 from Regulation 4.22(d), permitting the filing and distribution of an unaudited 2014 annual report. Such relief is also conditioned upon the future filing and distribution of a certified Annual Report in full compliance with Regulations 4.22(c) and (d) that covers the 2014 and 2015 fiscal years.
03/18/2015
15-19 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file a 14-month annual report for the pool for the period from January 1, 2015, the date the pool began trading, through February 29, 2016, the close of the pool’s 2015-16 fiscal year. The CPO submitted a signed waiver from the pool’s participant, indicating consent to receive such a report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from January 1, 2015 to February 29, 2016.
03/18/2015
15-20 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file a 14-month annual report for the pool for the period from November 3, 2014, the date the CPO began operations, through December 31, 2015. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from November 3, 2014 to December 31, 2015.
03/27/2015
15-23 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file an annual report for the pool for the period from January 1, 2014, through January 31, 2015. The CPO determined in January 2015 to wind up the pool’s operations. By January 31, the pool had permanently ceased trading and completed the winding up process by making its final distributions to the pool’s seven participants, all of whom consented by waiver to receive a 13-month annual report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from January 1, 2014 to January 31, 2015.

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Exemptive Letters - CFTC
Font Size: AAA // Print // Bookmark

Exemptive Letters

Date
Exemptive Letters
01/30/2015
15-06 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 2014 fiscal year, the pool had four participants, a controlling principal of the CPO who oversees the daily operations of both the CPO and the pool; two entities owned and managed by the principal; and one outside investor. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing, and distribution to the single outside investor, of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/30/2015
15-07 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 2014 fiscal year, the pool had two participants, a controlling principal of the CPO who oversees the daily operations of both the CPO and the pool, and an LLC owned and managed by the principal. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/28/2015
15-08 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 2014 fiscal year, the pool had just two participants, who are the partners of the CPO. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/28/2015
15-09 PDF Image; 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of three 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, September 2, 2014, to December 31, 2015. The pool participants signed subscription documents, acknowledging the terms of the Pools’ offering memorandum, which included the CPO’s intent to file and distribute a 16-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 September 2, 2014, to December 31, 2015, in compliance with Regulation 4.7(b)(3).
02/03/2015
15-10 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of two commodity pools, both operated pursuant to an exemption under Regulation 4.7, requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow the CPO to file an annual report for the pools for the period from December 1, 2014, the date the pools began operations, to December 31, 2015. The CPO submitted signed waivers from its four pool participants, indicating their consent to receive such an annual report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from December 1, 2014 to December 31, 2015.
02/03/2015
15-11 PDF Image; Regulations 4.7(b)(3), 4.12(a), 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 period from January 1, 2014, to January 9, 2015, the date that the pool’s last asset was liquidated after it ceased trading on December 31, 2014. The pool had one participant, an affiliate of the CPO, who consented to receive such an annual report, and 95% of the pool’s assets had already been distributed at the time of the request. The Division granted the exemptive relief pursuant to Commission Regulations 4.12(a) and 140.93, and conditioned such relief on the future filing and distribution of a certified annual report for the period of January 1, 2014 through January 9, 2015.
02/03/2015
15-12 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested relief from the requirements in Regulations 4.7(b)(3) and 4.22(d) to file and distribute to participants an annual report containing audited financial statements. Though initially marketed to outside investors, the pool became and will remain proprietary in nature, the participants being the CPO and accounts owned by the CPO’s managing member. DSIO granted relief from the certification requirement, on the condition that the CPO file an annual report otherwise complying with Regulations 4.7 and 4.22.
02/03/2015
15-13 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of two commodity pools, both operated pursuant to an exemption under Regulation 4.7, requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow the CPO to file an annual report for the pools for the period from November 3, 2014, the date the pools began trading, to December 31, 2015. The CPO stated that one pool feeds into the other, and though solicitation is ongoing, the only participant in the feeder pool currently is the CPO’s CEO. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from November 3, 2014 to December 31, 2015.
03/09/2015
15-16 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 Regulation 4.22(d)(1) that the financial statements in the pool’s annual report be audited. The pool began operations in January 2014, and at the end of the 2014 fiscal year, had two proprietary participants. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
03/09/2015
15-17 PDF Image; 4.12(a), 4.22(c) and (d)(1), and 140.93; Exemption
The CPO of a commodity pool that began trading in June 2014 requested exemptive relief from Regulations 4.22(c) and (d). The CPO submitted waivers from all pool participants, which included two proprietary and three outside investors. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 from Regulation 4.22(d), permitting the filing and distribution of an unaudited 2014 annual report. Such relief is also conditioned upon the future filing and distribution of a certified Annual Report in full compliance with Regulations 4.22(c) and (d) that covers the 2014 and 2015 fiscal years.
03/09/2015
15-18 PDF Image; 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of a commodity pool requested exemptive relief from Regulation 4.22(d)(1), which requires the financial statements included in Annual Reports to be audited. The CPO submitted waivers from all pool participants, consenting to receive an unaudited Annual Report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 from Regulation 4.22(d), permitting the filing and distribution of an unaudited 2014 annual report. Such relief is also conditioned upon the future filing and distribution of a certified Annual Report in full compliance with Regulations 4.22(c) and (d) that covers the 2014 and 2015 fiscal years.
03/18/2015
15-19 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file a 14-month annual report for the pool for the period from January 1, 2015, the date the pool began trading, through February 29, 2016, the close of the pool’s 2015-16 fiscal year. The CPO submitted a signed waiver from the pool’s participant, indicating consent to receive such a report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from January 1, 2015 to February 29, 2016.
03/18/2015
15-20 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file a 14-month annual report for the pool for the period from November 3, 2014, the date the CPO began operations, through December 31, 2015. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from November 3, 2014 to December 31, 2015.
03/27/2015
15-23 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file an annual report for the pool for the period from January 1, 2014, through January 31, 2015. The CPO determined in January 2015 to wind up the pool’s operations. By January 31, the pool had permanently ceased trading and completed the winding up process by making its final distributions to the pool’s seven participants, all of whom consented by waiver to receive a 13-month annual report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from January 1, 2014 to January 31, 2015.

See Also:

OpenGov Logo

CFTC's Commitment to Open Government

Gavel and Book

Follow the Status of Enforcement Actions