No-Action Letters

92-04 ; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to an international labor union operating a general fund, where the fund’s assets would be invested in commodity interests for hedging purposes. (T&M)

92-04a ; 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 political elections. (T&M)

92-05 ; Regulation 1.55; No-Action
The Division of Trading and Markets permitted FCMs to obtain a single acknowledgement (rather than multiple acknowledgements) from specified categories of institutional and highly accredited investors. (T&M)

92-06 ; Regulations 4.31 and 4.32; No-Action
The Division of Trading and Markets granted interim disclosure and recordkeeping no-action relief to a CTA with respect to its Regulation 4.7 clients pending the adoption and effectiveness of Regulation 4.7 by the Commission. (T&M)

92-08 ; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to the board of trustees of a union’s death benefit fund, where the fund’s assets would be in invested in commodity interests for hedging purposes. (T&M)

92-09 ; Regulation 4.21; No-Action
The Division of Trading and Markets permitted a CPO to use a two-part Disclosure Document, subject to certain conditions – one of which was that investors were given both parts of the Document at the same time. (T&M)

92-10 ; Regulations 32.2 and 32.4; No-Action
The Division of Trading and Markets granted no-action relief to Philbro Energy, Inc., to permit a commodity merchant/processor's offer and sale of options on agricultural commodities to certain commercial counterparties, including qualified processors, manufacturers and merchants of agricultural products and byproducts with assets in excess of $10 million and/or a net worth in excess of $5 million.

92-11 ; Section 4d; No-Action
The Division of Trading and Markets permitted certain U.S. exchange members to solicit, accept and enter U.S. customer orders into the Globex system through designated persons located at foreign affiliates not registered as an FCM.

92-14 ; Section 4a(1) and Regulations 150.2 and 150.3; No-Action
The Division of Economic Analysis granted no-action relief to J. Aron & Company with respect to speculative position limits relating to spread or arbitrage trading of Goldman Sachs Commodity Index futures or options contracts and the underlying futures contracts or options on such futures contracts if the following conditions are met: (1) the spread or arbitrage positions are as a totality offsetting; (2) the positions in the underlying contracts are not in the spot month; and (3) the positions in any individual month or in all months combined do not exceed the all months combined limit specified in Reg. ?150.2.

92-16 ; Regulations 1.33, 1.37 and 1.55; No-Action
The Division of Trading and Markets permitted an FCM and its foreign broker affiliate to have their institutional customers transmit trading orders directly to their respective overseas foreign broker. (T&M)

92-19 ; Section 4d; No-Action
The Division of Trading and Markets granted IB registration no-action relief to a foreign bank which had branches in the U.S., where certain conditions were met. (T&M)

92-20 ; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief to an FCM and agricultural cooperative in connection with administering a program of joint commodity interest trading accounts. (T&M)

92-7 ; Sections 4a, 5a(8), 6(a), 6b, 6c, 6(b), 6(c) and Regulations 150.2 and 150.3; No-Action
The Division of Economic Analysis granted no-action relief to CBT regarding enforcement of the single-month speculative position limit in CBT's corn, oats, soybeans, soybean meal, soybean oil and wheat futures contracts for positions which are part of an inter-crop year spread. Pursuant to the no-action letter, inter-month spread positions would be permitted to levels equaling twice the individual-month limit regardless of the crop-year of the individual months comprising the spread position. The no-action position was limited in its effect until September 30, 1992.

93-01 ; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to claim relief under Regulation 4.7, where the non-QEPs in the pool would continue to receive the full Part 4 disclosures and reporting. (T&M)

93-02 ; Regulation 4.7; No-Action
The Division of Trading and Markets permitted a CPO to claim relief under Regulation 4.7, where the non-QEP in the pool was an accredited investor who had been employed by the CPO for 16 years. (T&M)

93-03 ; Regulation 4.12(b); No-Action
The Division of Trading and Markets permitted certain CPOs who were operating their pool in full compliance with Part 4 to subsequently operate the pool pursuant to Regulation 4.12(b), provided they amended the pool?s Disclosure Document to bring it into conformity with the ten percent trading limitation of Regulation 4.12(b). (T&M)