CFTC Staff Letters

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 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).

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).

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.

The CPO of an offshore commodity pool requested relief from the requirement in Commission regulation 4.7 that the pools 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 pools 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

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 pools 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).

Time-limited no-action relief granted to a registered futures commission merchant regarding the maintenance of certain Rule 30.7 accounts.

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).

No-action relief regarding the limitation on the holding of customer funds outside the U.S. under Regulation 30.7.

No-action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.

Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers