Exemptive relief that was provided in CFTC Staff Letters 14-35 and 14-36 with respect to the requirements of Commission regulations 4.21, 4.22, and 4.25 was extended to the successor CPO of the trusts and series in those letters, subject to certain conditions, including the following: (1) the material business terms of the trusts and series do not change; (2) the investment experience of the shareholders does not change; (3) the only material change is the substitution of the CPO; (4) the representations made by the CPO in CFTC Letters 14-35 and 14-36 remain applicable; and (5) the successo

The CPO of a commodity pool organized as a Delaware statutory trust requested relief to provide investors with disclosure documents for certain of the series of the trust separate from the disclosure document for the rest of the trust’s series due to compliance requirements pursuant to securities laws and regulations. The Division granted exemptive relief.

The CPO of a commodity pool organized as a Delaware statutory trust requested relief to provide investors with disclosure documents for certain of the series of the trust separate from the disclosure document for the rest of the trust’s series due to compliance requirements pursuant to securities laws and regulations. The Division granted exemptive relief.

The CPO of four pools organized as Delaware Series Limited Liability Companies requested an interpretation of the use of the term “pool” in Part 4 of the Commission’s regulations to include the individual series of a series limited liability company. The CPO also requested relief to use a tripartite disclosure document that limited certain disclosures to the offered series. DCIO declined to expand the definition of the term “pool” to include a series of a series limited liability company.

The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of two commodity pools, whose shares the CPO intended to publicly offer and 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.

The Division of Clearing and Intermediary Oversight 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 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. Exemptive relief was also provided with respect to future commodity pools with the same structural and operational features as the CPO’s existing pool.

The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of two commodity pools, whose shares the CPO intended to publicly offer and 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.

The CPO of a commodity pool that commenced operations in September of 2008 requested relief from Commission Regulations 4.22 (c) and (d), which require certification of the pool’s final Annual Report. The pool had only eight participants, total capital contributions of $3XX,XXX and, as of the pool’s liquidation date, $2X,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 report requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).

The Division of Clearing and Intermediary Oversight took a CPO registration no-action position with respect to the independent trustees of a commodity pool where the independent trustees had no authority to perform CPO functions, the independent trustees were appointed solely to comply with audit committee requirements under the Sarbanes Oxley Act and exchange listing requirements, and a separate registered CPO was authorized to perform all commodity pool operator functions.

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.