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All Letters

Date
All Letters
01/25/1993
93-07 PDF Image; Regulation 1.46; No-Action
The Division of Trading and Markets relieved an FCM from compliance with the close-out and offsetting requirements of Regulation 1.46, where the customer had four accounts at the FCM which were to be managed by an IB?s AP. (T&M)
02/03/1993
93-08 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to claim relief under Regulation 4.7, where the three non-QEPs in its pool were directors of the CPO, listed as principals of the CPO, and accredited investors with significant financial industry backgrounds. (T&M)
02/16/1993
93-09 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to one of the general partners of the fund, where he was listed as a principal of the other GP, would limit his activities, and would be jointly and severally liable with the registrant for CPO violations. (T&M)
10/05/1993
93-100 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to the general partners of a limited partnership, where the partnership?s commodity interest trading will be solely incidental to its securities trading and the partnership will commit no more than five percent of its assets to establish its commodity interest positions. (T&M)
10/07/1993
93-102 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to a director of a commodity pool, where the director was registered as an associated person and all of the other directors were non-U.S. persons. (T&M)
09/27/1993
93-105 PDF Image; Regulation 4.21; No-Action
The Division of Trading and Markets provided relief to a person registered as a CPO and CTA from disclosing the past performance of two of its principals, where the principals had no prior ownership of the CPO/CTA and had not been involved in its trading decisions. (T&M)
11/03/1993
93-108 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CTA registration no-action relief to a trust company acting as a sub-adviser to offshore investment companies. (T&M)
02/10/1993
93-11 PDF Image; Regulation 4.32; No-Action
The Division of Trading and Markets permitted a CTA to claim relief under Regulation 4.7, notwithstanding that its QEC client wished its identity to remain confidential. (T&M)
11/29/1993
93-111 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to a limited partnership that served as a general partner of a commodity pool, where the pool?s other general partner was also the general partner of the limited partnership, and a registered CPO. (T&M)
12/08/1993
93-112 PDF Image; Regulation 3.34; No-Action
The Division of Trading and Markets provided limited relief to certain APs living abroad with respect to the timeframe for compliance with the Commission?s initial ethics training requirement. (T&M)
10/29/1993
93-113 PDF Image; Section 4d; No-Action
The Division of Trading and Markets granted FCM registration no-action relief to a foreign firm that planned to introduce accounts of its foreign banking clients to its U.S. affiliates and other firms, each of which was a registered FCM. (T&M)
02/25/1993
93-12 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief in connection with operating and advising an offshore fund, where the fund would have as its sole participant a single Japanese institutional investor, and where the pool?s activities would occur outside the U.S., no infusion of U.S. dollars would be made to the pool, and there would be no other U.S. participants. (T&M)
03/08/1993
93-14 PDF Image; Regulation 1.10; No-Action
The Division of Trading and Markets permitted an IB to be a party to a guarantee agreement with two FCMs and to introduce customers to both firms. (T&M)
03/09/1993
93-15 PDF Image; Regulation 3.10; No-Action
The Division of Trading and Markets relieved an IB from the requirement to list as a principal of the firm the holder of a subordinated note. (T&M)
03/03/1993
93-22 PDF Image; Section 4d; No-Action
The Division of Trading and Markets granted FCM registration no-action relief to a cotton warehouse in connection with its acting as an intermediary by delivering producers? cotton against short cotton contracts the producers had executed on the NYCE. (T&M)
03/26/1993
93-23 PDF Image; Sections 4a, 5a(8), 6(a), 6b, 6c, 6(b), 6(c) and Regulations Part150; No-Action
The Division of Economic Analysis granted temporary no-action relief to the CBT and any trader for exceeding the individual month speculative position limits in the exchange's corn, oats, soybeans, soybean meal, soybean oil and wheat futures contracts to the extent that such positions are spread or arbitrage positions between single months of the futures contract outside of the spot month; provided, however, that such spread or arbitrage positions, when combined with any outright positions in the single month, do not exceed twice the single-month level for that contract. This position was based upon the pending CFTC proposal to increase the individual-month speculative position limits and the fact that the Division has reviewed actual conditions in these markets and notes that current market conditions do not appear to be inconsistent with the granting of such limited, interim relief. Further, the no-action position was only effective until September 30, 1993, or until the effective date of any amendments to Part 150 of the rules, whichever was sooner.
04/06/1993
93-30 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief to a registered CBOT broker dealer and market maker that proposed hedging OEX options contracts through the use of S&P 500 index futures contracts. (T&M)
04/06/1993
93-32 PDF Image; Regulation 3.12; No-Action
The Division of Trading and Markets granted AP registration no-action relief to certain bank and trust company employees to permit them to sell pool participations to QEPs. (T&M)
03/31/1993
93-33 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat certain non-QEPs as QEPs, where the non-QEPs were either general partners or senior managers of affiliates of the CPO. (T&M)
04/12/1993
93-34 PDF Image; Regulation 3.10; No-Action
The Division of Trading and Markets provided a CPO with relief from listing an individual and a company as principals, where they had contributed less than 10 percent of the capital contributions but currently owned more than ten percent of the capital due to distributions. (T&M)
04/20/1993
93-36 PDF Image; Regulations 1.55, 30.6, 33.7 and 190.10; No-Action
The Division of Trading and Markets provided an FCM temporary relief from obtaining risk disclosure statements and other agreements prior to receiving a bulk transfer of accounts from another FCM. (T&M)
05/03/1993
93-39 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief to the general partners of a partnership, where commodity interest trading was incidental to the partnership?s overall trading, each limited partner was an accredited investor, and the limited partners had known one or the other of the general partners for at least five years. (T&M)
04/26/1993
93-42 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat a non-QEP as a QEP, where the non-QEP had been the finance director of the pool and was a CPA with almost 20 years experience. (T&M)
04/29/1993
93-44 PDF Image; Regulations 4.21 and 4.22; No-Action
The Division of Trading and Markets provided a CPO with relief from disclosure and financial reporting requirements to Regulation 4.7 pool participants. (T&M)
05/12/1993
93-47 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to certain general partners of a fund, where the general partner in whom all CPO functions resided would be registered as a CPO. (T&M)
05/21/1993
93-49 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to a general partner of a commodity pool, where a second general partner, a registered CPO, assumed joint and several liability with the first general partner, and the first general partner limited its involvement with pool activities. (T&M)
05/21/1993
93-50 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to a general partner of a commodity pool, where a second general partner, a registered CPO, assumed joint and several liability with the first general partner, and the first general partner limited its involvement with pool activities. (T&M)
04/27/1993
93-52 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief in connection with operating and advising an offshore fund, where no more than 35 percent of the fund?s units of participation will be offered or sold to U.S. persons. (T&M)
06/03/1993
93-54 PDF Image; Regulations 4.21, 4.22 and 4.23; No-Action
The Division of Trading and Markets provided CPO disclosure relief, where the pool consisted of high net worth investors, limited partnerships having high net worth investors, and several trust and IRA accounts, and where each limited partner had a personal relationship with one or more principals of the CPO. (T&M)
06/24/1993
93-58 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to a pool?s general partner, where the pool consisted of 11 family members and longtime friends who were all accredited investors and the only new participants allowed would be family members? grandchildren. (T&M)
05/03/1993
93-59 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets provided CPO registration relief to the general partners of a registered broker dealer, where the pool would invest no more than .5 percent of its assets directly in commodity interests, for hedging purposes, and no more than 5 percent of its assets directly in another commodity pool. (T&M)
06/10/1993
93-60 PDF Image; Sections 4g(b) and(c), 5a(b)(1)(B) and 5a(a)(8) and Regulation 1.35(d)(4)(i); No-Action
The Division of Trading and Markets granted no-action relief to the Chicago Mercantile Exchange to permit it not to comply with the requirement in Reg. ?1.35(d)(4) that trading cards must contain pre-printed member identification. However, this no-action relief was limited to trading in the exchange's Rolling Spot futures and options contracts. The relief expired automatically six months after the introduction of the rolling spot contracts.
07/07/1993
93-64 PDF Image; Section 4d; No-Action
The Division of Trading and Markets granted IB registration no-action relief to a person registered as a CPO and a CTA, where it recommended certain managed futures investments to its clients, received a ?finder?s fee? for doing so, and returned the finder?s fee to its clients. (T&M)
06/18/1993
93-66 PDF Image; Section 5; No-Action
The Division of Trading and Markets granted no-action relief to the University of Iowa to permit the operation of a non-profit electronic market (the Iowa Electronic Markets) organized by the faculty of a university for the purpose of academic research. Relief from the CEA and CFTC rules was given with regard to submarkets concerning economic indicators and political elections.
07/21/1993
93-70 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to a limited partnership that served as a general partner of a commodity pool, where the pool?s other general partner was also the general partner of the limited partnership, and a registered CPO. (T&M)
07/16/1993
93-73 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to a general partner of a commodity pool, where the four other general partners of the pool were registered CPOs. (T&M)
07/29/1993
93-76 PDF Image; Regulation 1.57; No-Action
The Division of Trading and Markets permitted an FCM and its guaranteed IB to provide execution, but not clearing, services for certain institutional customers introduced by the IB. (T&M)
07/30/1993
93-78 PDF Image; Regulations 1.55 and 1.57; No-Action
The Division of Trading and Markets granted an IB relief from providing a risk disclosure statement to its clients, where those clients were institutional clients. The IB also was permitted to place futures trades through certain floor brokers, who then gave those trades up to the FCM on behalf of the institutional client. (T&M)
07/21/1993
93-80 PDF Image; Section 4k and Regulation 3.12; No-Action
The Division of Trading and Markets permitted an FCM which had taken over several branch offices of a second FCM to use an abbreviated registration procedure with NFA regarding the APs who transferred to it from the second FCM. (T&M)
08/09/1993
93-83 PDF Image; Section 4d; No-Action
The Division of Trading and Markets granted no-action relief to the CME and CBOT with respect to any CME or CBOT (collectively, Exchange) member firm, its foreign affiliate or Designated Persons of such affiliate in connection with the solicitation, acceptance or entry of orders for existing customers of the Exchange member firm for transactions in Exchange contracts on Globex through a foreign affiliate acting as agent of such Exchange member firm outside normal U.S. business hours (Passing the Book).
08/20/1993
93-84 PDF Image; Regulation 4.31; No-Action
The Division of Trading and Markets provided a CTA relief from disclosing the past performance of trading strategies the CTA tested prior to marketing them to the public when using proprietary funds. (T&M)
08/12/1993
93-87 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief, where the pool would have only three participants who were longstanding friends and accredited investors. (T&M)
07/23/1993
93-88 PDF Image; Sections 4d, 4f and 4g; No-Action
The Division of Trading and Markets permitted a transferor FCM to perform certain execution and clearing services on behalf of a transferee FCM during an interim period following a transfer of customer funds from one firm to the other. (T&M)
08/30/1993
93-89 PDF Image; Regulations 4.21, 4.22 and 4.23; No-Action
The Division of Trading and Markets provided a CPO and CTA with disclosure relief, where the pool at issue consisted of high net worth participants and the pool would commit no more than three percent of its assets to commodity interest trading. (T&M)
09/07/1993
93-91 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief to a registered investment adviser of a group trust comprised of multiple qualified pension and profit sharing plans. (T&M)
08/16/1993
93-93 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief relief where the pool would use no more than ten percent of its assets to establish its commodity interest trading positions and each participant?s financial resources exceeded what was required to meet the QEP definition. (T&M)
09/22/1993
93-96 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to two associated persons, where the APs were the sole shareholders of the registered CPO and where the APs agreed to joint and several liability and to limitations on their activities with respect to the pool. (T&M)
09/28/1993
93-97 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to offshore company operating offshore pools, where the company planned periodically to use U.S. CTAs. (T&M)
09/28/1993
93-98 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets provided CPO registration no-action relief to a natural person general partner of an offshore fund, who was already registered as an AP and where the other general partners were non-U.S. persons. (T&M)
09/30/1993
93-99 PDF Image; Regulation 1.19; No-Action
The Division of Trading and Markets permitted an FCM to enter into OTC options on certain foreign currencies as principal with its parent bank. (T&M)
12/27/1993
94-01 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat a non-QEP as a QEP, where the non-QEP was a corporate and securities law specialist with over twenty years? experience. (T&M)
12/27/1993
94-04 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat a non-QEP as a QEP, where the non-QEP was an accredited investor with over twenty years? experience as a corporate executive. (T&M)
12/27/1993
94-07 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to two general partners of a commodity pool, where the general partners were registered as associated persons and listed as principals of a third general partner, who would register as a CPO. (T&M)
11/08/1993
94-08 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to one general partner of a commodity pool, where the other general partner was a registered CPO and both general partners were owned by family members. (T&M)
12/17/1993
94-11 PDF Image; Regulations 4.21, 4.22 and 4.23; No-Action
The Division of Trading and Markets provided Part 4 relief to a CPO which was a wholly-owned subsidiary of a company that was offering participation in commodity pools to its high-level employees. (T&M)
12/27/1993
94-13 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat a non-QEP trust as a QEP, where the trustee and sole beneficiary of the trust was itself a QEP. (T&M)
12/28/1993
94-14 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat certain non-QEPs as QEPs, where the non-QEPs were a trust, the pool?s financial officer, and the pool?s counsel. (T&M)
12/10/1993
94-15 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to invest more than 10 percent of its pool?s assets in an exempt pool, where non-QEPs invested in the pool before Regulation 4.7 was proposed and the non-QEPs either had a substantial investment portfolio or were involved with the operation of the pool. (T&M)
12/27/1993
94-16 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat a non-QEP trust as a QEP, where the trust was irrevocable and was an estate planning vehicle for a family with a net worth in excess of $85 million. (T&M)
12/17/1993
94-17 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat certain non-QEPs as QEPs, where the non-QEPs were registered floor brokers who had been active as such for at least the past two years and who would be trading the pool?s assets. (T&M)
12/27/1993
94-18 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat certain non-QEPs as QEPs, where the non-QEPs had significant investment experience and had held senior executive positions with the CPO?s principal. (T&M)
11/24/1993
94-19 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat certain non-QEPs as QEPs, where the non-QEPs were employees of the CPO in executive or trading positions, had investment acumen, and had ready access to information about the pool?s operations. (T&M)
11/24/1993
94-46 PDF Image; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to treat a non-QEP as a QEP, where the non-QEP was the sole shareholder, director and president of a registered CPO and CTA. (T&M)

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