CFTC Staff Letters Archive

CFTC Staff Letters Archive provides Letters from 2007 and earlier. For Letters published 2008 or later visit the All Letters page.

There are no Advisory Letters or Other Written Communications for 2007 or earlier.

Date	PDF and Description
03/08/2002	02-23 ; Rule 4.22(d);; No-Action The CPO of a pool that closed requested exemption from the requirement of Rule 4.22(d) that the pool's 2001 Annual Report be audited. The participants supported the request. The exemption was granted under the condition that the 2002 Annual Report cover the full 15 months the pool has been in operation.
03/05/2002	02-26 ; Regulations 4.21 and 4.22;; No-Action The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of Rules 4.21 and 4.22 in connection with its operation of a master fund that has as its sole participants two feeder funds that are also operated by the CPO. The relief is subject to the conditions that: (i) the CPO remain the CPO of the Master Fund and the Feeder Funds; (ii) participation in the Master Fund is limited to the Feeder Funds, and any fund for which the CPO is the sole CPO; and (iii) the annual reports of the Feeder Funds contain financial statements that include, among other information, the fees associated with the operation of the Master Fund expressed in dollars and a detailed schedule of investments made by the Master Fund.
03/05/2002	02-19 ; Rule 4.22(f)(1);; No-Action The registered CPO of a pool requested, under Rule 4.22(f)(1), an extension to file its audited report. Due to internal administrative and procedural issues involving the CPO's administrator, financial information and supporting information necessary to support substantive testing of the financial statements has been delayed. The extension was granted until March 15, 2002.
03/05/2002	02-18 ; Rule 4.7;; No-Action The registered CPO of a pool that terminated early January 2002 requested, under Rule 4.7, permission to file a single and final audited annual report for the period February 1 through January 16, 2002, rather than two reports. The extension was granted.
03/01/2002	02-21 ; Section 4m(1) of the CEA;; No-Action The Division of Trading and Markets took a CPO registration no-action position with respect to two of three general partners of a commodity pool organized as a limited partnership where, among other things: (1) the other general partner was registered as a CPO and served as the managing general partner; (2) the no-actioned general partners were not subject to a statutory disqualification and their members were listed as principals of the registered CPO; and (3) the general partners agreed to joint and several liability for their CPO activities.
02/27/2002	02-24 ; Sections 5 and 5a of the Act;; No-Action The Division of Trading and Markets issued a letter granting no-action relief to permit the Bourse de Montreal, Inc., to make its electronic trading and order matching system, known as Systeme automatise de Montreal (SAM), available to its Approved Participants in the U.S. without obtaining contract market designation or registering as a derivatives transaction execution facility pursuant to Sections 5 and 5a of the CEA.
02/27/2002	02-20 ; Regulations 4.23 and 4.33;; No-Action The Division of Trading and Markets provided exemptive relief to a registered CPO and CTA from the books and records location requirements of Rules 4.23 and 4.33 such that the CPO/CTA may maintain its books and records at the main business office of an affiliated company that provides operational support to the CPO/CTA. The relief is subject to the conditions that: (1) the CPO/CTA notify the Division if the location of any of the books and records required by Rules 4.23 and 4.33 changes from that as represented to the Division; (2) the CPO/CTA remains responsible for ensuring that all books and records required by Rules 4.23 and 4.33 are maintained in accordance with Rule 1.31 and for assuring the availability of such records to the Commission, NFA, or any other agency authorized to review such books and records in accordance with the Act and Commission regulations; (3) within forty-eight hours after a request by a representative of the foregoing, the CPO/CTA will obtain the original books and records and provide them for inspection at its main business office; and (4) the CPO/CTA discloses in its Disclosure Documents the location of all books and records required under Commission regulations 4.23 and 4.33. The exemption is further subject to the condition that the CPO/CTA remains fully responsible for compliance with Rules 4.23 and 4.33.
02/27/2002	02-17 ; Rule 4.7;; No-Action The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
02/27/2002	02-16 ; Rule 4.7;; No-Action The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.
02/27/2002	02-15 ; Rule 4.7;; No-Action The CPO of a 4.7 fund of funds pool requested permission to provide quarterly reports to participants, as required by Rule 4.7(b)(2), 45 calendar days after the end of the reporting period, rather than 30 calendar days after quarter-end. The exemption was granted based on the fact that, after substantial efforts were made and due to reasons beyond the control of the CPO, the financial information could not be received earlier from the offshore sub-funds.