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All Letters

Date
All Letters
01/16/2009
09-01 PDF Image; Section 2(a); No-Action
Hong Kong Futures Exchange Limited’s Request for No-Action Relief in Connection with the Offer and Sale of its Mini Futures Contracts Based on the Hang Seng Index and the Hang Seng China Enterprises Index in the United States.
05/21/2009
09-02 PDF Image; Section 4m(1); No-Action
The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.
05/21/2009
09-03 PDF Image; Section 4m(1); No-Action
The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.
03/26/2009
09-04 PDF Image; Part 4; Exemption
The CPO of a commodity pool with illiquid assets requested relief from the ongoing reporting requirements under Part 4. The CPO intended to file an Annual Report for the Pool for the 2008 fiscal year, which would contain information regarding those assets. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the illiquid assets, including, but not limited to, the value of the assets and the percentage of the Pool’s NAV that the illiquid assets represent; the pertinent facts regarding the value of any liquid assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; and a representation regarding the distribution of assets on a pro rata basis to participants. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets.
04/27/2009
09-05 PDF Image; Regulation 4.7; Exemption
The CPO of a commodity pool that operated pursuant to an exemption under Regulation 4.7 requested exemptive relief to permit it to file a final annual report for the period from January 1, 2008 through January 31, 2009. The Pool had nine participants on the date that the Trustee for the Pool determined to liquidate and a net asset value of $3X,XXX,XXX. The Pool made its final distribution to participants on January 31, 2009. DIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
04/29/2009
09-06 PDF Image; Regulation 4.7(b)(3); Exemption
The CPO of a commodity pool requested that DCIO agree to accept the Annual Report for the period from January 1, 2008 through October 31, 2008 as the Pool’s final annual report despite the fact that the Pool had not fully liquidated due to the illiquid nature of two assets relating to the bankruptcies of two corporations. The two assets constituted less than one percent of the Pool’s net asset value and all other funds have been returned to participants. DCIO determined that the CPO satisfied its obligations under Part 4 and that as such, the Pool’s Annual Report for the period from January 1, 2008 through October 31, 2008 constituted its final Annual Report.
05/28/2009
09-07 PDF Image; Part 4; Exemption
The CPO of a commodity pool with a de minimus amount of its assets embroiled in a bankruptcy requested relief from the ongoing reporting requirements under Part 4. The CPO filed an Annual Report for the Pool for the 2008 fiscal year, which contained information regarding the illiquid assets. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the bankruptcy and the frozen assets, including, but not limited to, the value of the assets, the percentage of the Pool’s NAV that the frozen assets represent, and the date upon which the bankruptcy petition was filed; the pertinent facts regarding the value of any assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; a representation regarding how payouts from the bankruptcy estate will be distributed to participants; i.e., whether distributions will be made as funds are received from the bankruptcy estate or whether payouts will be retained by the Pool until the final payout is received from the estate; a representation regarding any write down of the value of the claim against the bankruptcy estate; a representation regarding the distribution of assets on a pro rata basis to participants; and a representation that the financial information contained in the Pool’s liquidation report remains accurate. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets.
04/27/2009
09-08 PDF Image; Part 4; Exemption
The CPO of a commodity pool with the majority of its assets embroiled in a bankruptcy requested relief from the ongoing reporting requirements under Part 4. The CPO filed an Annual Report for the Pool for the 2007 fiscal year, which contained information regarding the bankruptcy. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the bankruptcy and the frozen assets, including, but not limited to, the value of the assets, the percentage of the Pool’s NAV that the frozen assets represent, and the date upon which the bankruptcy petition was filed; the pertinent facts regarding the value of any assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; a representation regarding how payouts from the bankruptcy estate will be distributed to participants; i.e., whether distributions will be made as funds are received from the bankruptcy estate or whether payouts will be retained by the Pool until the final payout is received from the estate; a representation regarding any write down of the value of the claim against the bankruptcy estate; a representation regarding the distribution of assets on a pro rata basis to participants; and a representation that the financial information contained in the Pool’s liquidation report remains accurate. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets.
06/16/2009
09-09 PDF Image; 4.22(c); Exemption
The CPO requested relief from the requirement of Regulation 4.22(c) that the Pool file a certified Annual Report within 90 days of the end of the fiscal year on December 31, 2008. The CPO requested permission to file a single, certified Annual Report for the Pool for the 16-month period from January 1, 2008 through April 29, 2009, upon which date the Pool ceased trading and began distributing funds to participants. The CPO also requested an extension of the 90-day period from July 29, 2009 to September 30, 2009. Pursuant to the authority delegated by Regulations 140.93 and 4.12(a), the Division granted relief from the Annual Report requirement of Regulation 4.22(c) for the Pool’s fiscal year ending December 31, 2008 and denied the request for relief with respect to the 90-day filing period.
05/19/2009
09-10 PDF Image; Regulation 4.12; Exemption
The CPO of a commodity pool operated pursuant to relief under Regulation 4.12 requested relief from the requirement that an Annual Report be filed within 90-days of the permanent cessation of trading as well as relief from the requirement that an Annual Report be filed within 90-days of the end of the Pool’s fiscal year. Additionally, the CPO requested relief from the certification requirement. Instead of the foregoing, the CPO proposed that it be permitted to file a 15-month Annual Report for the period from January 1, 2008 through March 31, 2009 and that this uncertified Annual Report be considered its final Annual Report for the Pool despite the fact that the Pool remains in possession of an illiquid asset, which constitutes less than one percent of the Pool’s net asset value. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). The relief was conditioned on the CPO providing certain representations to participants including that the Pool has permanently ceased trading, that the CPO is no longer assessing fees against the Pool, a description of the illiquid asset, a description of the disposition of any income generated by the asset, and a representation that funds will be distributed on a pro rata basis. DCIO also required that the CPO file and distribute a final disclosure upon the disposition of the asset stating that the Pool has finally disposed of the asset.
05/20/2009
09-11 PDF Image; Regulation 4.7(b)(3); Exemption
The CPO of two commodity pools requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
04/16/2009
09-12 PDF Image; Regulation 4.7(b)(3); Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
01/29/2009
09-13 PDF Image; Regulation 4.13(c)(2); Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a.
02/17/2009
09-14 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of a proprietary commodity pool (consisting only of the CPO and the CPO’s mother) requested relief from Commission Regulation 4.22(d), which requires certification of the pool’s annual report. The pool had, as of the close of its fiscal year, only $4XX,XXX in total assets, and the pool’s participants had received monthly account statements prepared by an unassociated third-party accounting firm. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
04/22/2009
09-15 PDF Image; Regulation 4.13(c)(2); Exemption
The CPO of three commodity pools requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
01/13/2009
09-17 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of a commodity pool that commenced trading in October of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had, as of the close of its fiscal year, $1,XXX,XXX in total assets and nine participants. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of October 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d).
03/17/2009
09-18 PDF Image; Regulation 4.13(c)(2); Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
02/25/2009
09-19 PDF Image; Regulation 4.22(d); Exemption
The CPO requested relief from the requirement in Regulation 4.22(d) that the pool’s Annual Report be certified. The Pool began operations in December of 2007. From January 1, 2008 until December of 2008, the Pool had only 2 investors, one of whom is the CPO. In December of 2008, the Pool accepted another non-proprietary investor, bringing the total number of Pool participants as of December 31, 2008 to 3. The Pool’s total net asset value as of December 31, 2008, was approximately $1xx,xxx, roughly 42% of which was owned by the CPO. The CPO submitted waivers executed by the Pool’s 3 participants evidencing their consent to the exemption from the certified Annual Report requirement. Pursuant to the authority granted by Regulations 140.93 and 4.12(a), DCIO granted the relief subject to the condition that the CPO file and distribute a certified Annual Report for the period from January 1, 2008 through December 31, 2009.
02/25/2009
09-20 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of a commodity pool that commenced operations in August of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only four participants (only one of whom was non-proprietary), net capital contributions of $3XX,XXX and, as of the close of its fiscal year, $3XX,XXX in total assets. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
03/18/2009
09-21 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of a commodity pool that commenced operations in July of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only three participants, net capital contributions of $1XX,XXX and, as of the close of its fiscal year, $8X,XXX in total assets. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of July 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d.
04/09/2009
09-22 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of a commodity pool that commenced operations in September of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only eight participants, total capital contributions of $3XX,XXX and, as of the close of its fiscal year, $6X,XXX in net asset value. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of September 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d).
03/27/2009
09-23 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of a commodity pool requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only one participant, who was proprietary, until September of 2008, when the pool added a second participant, who was not proprietary. The pool’s total capital contributions amounted to $2,XXX,XXX, 77.5% of which was from the non-proprietary participant. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of January 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d).
03/11/2009
09-24 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of a commodity pool that liquidated at the close of the 2008 fiscal year requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had, at the time of liquidation, $2,XXX,XXX in total assets and nine participants. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
03/02/2009
09-25 PDF Image; Regulations 4.22(c) and (d); Exemption
The CPO of commodity pool with no participants and less than $1,XXX in total assets requested relief from Commission Regulation 4.22(d), which requires certification of the pool’s annual report. The pool’s sole participant redeemed his entire interest of $3XX,XXX in June of 2008, and the pool retained funds solely for the purpose of keeping open two checking and savings accounts. The CPO submitted a signed waiver from the pool’s participant consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
04/13/2009
09-26 PDF Image; Regulation 4.7(b)(3); Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
06/25/2009
09-27 PDF Image; Sections 1a(6) and 4m; Interpretation
The Division of Clearing and Intermediary Oversight confirmed that a person registered as an investment adviser with the Securities and Exchange Commission: (1) would come within the CTA definition in Section 1a(6) of the Act if it offered as part of its comprehensive portfolio management a “managed futures account” component; and (2) would be required to register as a CTA with the Commission unless an exemption from registration was available to it. Based upon the facts presented to it, the Division concluded that none of the exemptions from CTA registration in Regulation 4.14 would be available to the investment adviser. The Division further offered that, assuming that none of the adviser’s customers would be in the nature of the collective investment vehicles identified in Section 4m(3) of the Act, the adviser might be able to claim the exemption from CTA registration available under that section.
07/08/2009
09-28 PDF Image; 4.7 and 4.13; Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
07/01/2009
09-29 PDF Image; 4.7; Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
07/01/2009
09-30 PDF Image; 4.22; Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
06/22/2009
09-31 PDF Image; 4.7; Exemption
The CPO of a pool requested permission to file a 15-month annual report for the period from October 1, 2008 through December 31, 2009 due to a change in the pool’s fiscal year end. Pursuant to Commission Regulations 140.93 and 4.12(a), DCIO granted the relief requested.
06/26/2009
09-32 PDF Image; 4.7; Exemption
The CPOs of two pools requested an extension of time for the filing of the pools’ 2008 annual reports beyond June 29, 2009 due to a delay in the receipt of financial statements from investee pools. DCIO determined that the interests of participants in receiving timely information outweighed the CPOs’ hardship and denied the request.
06/26/2009
09-33 PDF Image; 4.22; Exemption
The CPO of two pools in a master-feeder structure requested stub period relief due to the liquidation of the feeder fund. Rather than file a 12-month annual report, the CPO requested permission to file an 18-month report. Pursuant to Commission Regulations 140.93 and 4.12(a), the Division granted the relief requested.
06/26/2009
09-34 PDF Image; 4.22; Exemption
The CPO of a pool in liquidation requested relief from the certification requirement under Commission Regulation 4.22 with respect to the pool’s final annual report for the period from January 1, 2009 through May 31, 2009. The CPO provided waivers from all of the participants in the pool agreeing to an uncertified final annual report. Pursuant to Commission Regulations 140.93 and 4.12(a), the DCIO granted the relief requested.
07/08/2009
09-35 PDF Image; 4 and 4.22; Exemption
The CPO of a commodity pool with the majority of its assets embroiled in a bankruptcy requested relief from the ongoing reporting requirements under Part 4. The CPO filed an Annual Report for the Pool for the 2008 fiscal year, which contained information regarding the bankruptcy. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the bankruptcy and the frozen assets, including, but not limited to, the value of the assets, the percentage of the Pool’s NAV that the frozen assets represent, and the date upon which the bankruptcy petition was filed; the pertinent facts regarding the value of any assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; a representation regarding how payouts from the bankruptcy estate will be distributed to participants; i.e., whether distributions will be made as funds are received from the bankruptcy estate or whether payouts will be retained by the Pool until the final payout is received from the estate; a representation regarding any write down of the value of the claim against the bankruptcy estate; a representation regarding the distribution of assets on a pro rata basis to participants; and a representation that the financial information contained in the Pool’s liquidation report remains accurate. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets.
08/03/2009
09-36 PDF Image; Regulation 4.10(d); Interpretation
The Division of Clearing and Intermediary Oversight issued an interpretation that a charitable foundation would not be a commodity pool, and that its directors would not be commodity pool operators, if the foundation traded commodity interests. This interpretation was based on, among others, representations that: (1) no current or future donor to the foundation will be entitled to receive any of the assets, net earnings, income or profits of the foundation; and (2) no (other) charitable organization has any entitlement, on an annual or other basis, to a contribution from the foundation.
08/20/2009
09-37 PDF Image; Sections 5 and 5a; No-Action
The Division of Market Oversight issued a letter amending the no-action relief granted November 12, 1999, permitting the International Petroleum Exchange of London Limited (now ICE Futures Europe) to make its electronic trading and order matching system available to its members in the US without obtaining contract market designation pursuant to Sections 5 and 5a of the CEA. The amendment adds additional conditions to ICE Futures Europe’s no-action relief for contracts that it lists that settle against any price of (1) a contract listed for trading on a DCM or DTEF, or (2) a contract listed for trading on an exempt commercial market that has been determined to be a significant price discovery contract. The additional conditions are that ICE Futures Europe provide CFTC staff trade execution and audit trail data for all linked contracts, copies of, or hyperlinks to, all rules, rule amendments, circulars and other notices published by the exchange, and copies of all Disciplinary Notices involving the linked contracts; provide for CFTC on-site visits to examine ICE Futures Europe’s ongoing compliance with its no-action relief; and in the event that the CFTC, directs that NYMEX take emergency action with respect to a linked contract (e.g., to cease trading in the contract), ICE Futures Europe, subject to information-sharing arrangements between the CFTC and FSA, will promptly take similar action with respect to the linked contract at ICE Futures Europe.
07/30/2009
09-38 PDF Image; 4.7(b)(3); Exemption
The CPO requested relief from the requirement of Regulation 4.7(b) that the Pool file a certified Annual Report within 90 days of the end of the fiscal year on June 30, 2009. The CPO requested permission to file a single, certified Annual Report for the Pool for the 13-month period from July 1, 2008 through July 24, 2009, upon which date the Pool ceased trading and distributed funds to participants. Pursuant to the authority delegated by Regulations 140.93 and 4.12(a), the Division granted relief from the Annual Report requirement of Regulation 4.7(b) for the Pool’s fiscal year ending June 30, 2009.
07/30/2009
09-39 PDF Image; Section 4m(1) and Regulations 4.21, 4.22, 4.23, 4.31 and 4.36; No-Action; Exemption
The Division of Clearing and Intermediary Oversight took a CPO registration no-action position with respect to the trustee of a commodity pool where the trustee had no authority to perform CPO functions, and a separate registered CPO was authorized to perform such functions. The Division further 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. Finally, the Division granted exemptive relief from certain of the Part 4 regulations to the registered CTA of a commodity pool where the CTA was an affiliate of the pool’s CPO.
07/30/2009
09-40 PDF Image; 4.22(d); Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
07/30/2009
09-41 PDF Image; 4.13(c)(2); Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
07/29/2009
09-42 PDF Image; 4.7(b); Exemption
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).
08/26/2009
09-43 PDF Image; Section 2(a); No-Action
No-Action relief request of BM&F Bovespa S.A. – Bolsa de Valores, Mercadorias e Futuros, in connection with the offer and sale in the United States of its futures contracts based on the Ibovespa Index.
08/21/2009
09-44 PDF Image; Section 4m(1); No-Action
The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.
08/21/2009
09-45 PDF Image; Section 4m(1); No-Action
The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.
10/20/2009
09-46 PDF Image; Regulation 4.10(d)(1); Interpretation
The Division of Clearing and Intermediary Oversight issued an interpretation that a family partnership is not a commodity pool where all participants are close family members. This interpretation would not be affected by family members forming a CTA which will manage both the family partnership’s commodity interest trading and the trading of non-related persons.
11/09/2009
09-47 PDF Image; 2(a); No-Action
Tokyo Stock Exchange’s Request for No-Action Relief in Connection with the Offer and Sale in the United States of its Mini Futures Contract Based on the TOPIX and its Futures Contracts Based on the TOPIX Core30 Index and TSE REIT Index.
12/23/2009
09-48 PDF Image; Section 2(a); No-Action
No-Action Relief Request of Singapore Exchange Derivatives Trading in Connection with the Offer and Sale in the United States of its Mini Futures Contract Based on the Nikkei 225 Stock Index.
12/18/2009
10-03 PDF Image; Section 4m(1); No-Action
The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool operator (CPO) from registering as such pursuant to Section 4m(1) of the Commodity Exchange Act (Act), and allowing a registered CPO (designee) to serve as the CPO instead. This relief is subject to conditions that: (1) the designee must serve as the CPO of the pool; and (2) the designee must remain registered as a CPO; (3) the general partner is not subject to a statutory disqualification under Section 8a(2) or 8a(3) of the Act; (4) the general partner and the designee are under common ownership and control; (5) the general partner has delegated all of its management authority to the designee pursuant to its limited partnership agreement and its investment management agreement; (6) the general partner has no employees acting on its behalf, does not engage in the solicitation of investors for the pool, does not manage property of the pool, and does not engage in any other activities that are subject to the Act or Commission regulations; and (7) the general partner and designee have executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.

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