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
02/16/2000	00-20 ; Rule 4.7(a);; No-Action The Division of Trading and Markets provided exemptive relief to a registered CPO that permits the CPO to treat a non-QEP employee as a QEP for purposes of the employee's investment in funds operated by the CPO pursuant to Rule 4.7(a) because the employee is a "knowledgeable employee" as that term is defined in Rule 3c-5 under the Investment Company Act of 1940.
02/11/2000	00-24 ; 4.22(c) & (d);; No-Action The CPO of a small pool requested exemptive relief from the requirement of Rule 4.22(d) because the cost of a certified audit would be excessively expensive relative to the fund's assets. The participants submitted consent waiver statements in support of the exemption. The exemption was granted upon condition that an unaudited 1999 Annual Report be provided to the participants.
02/01/2000	00-13 ; Rule 4.22(c) & (d);; No-Action The CPO of a small pool which commenced trading July 6, 1999, requested exemption from the requirement of Rule 4.22(d) that the pool's 1999 Annual Report be audited. The participants supported the request. That exemption was granted upon condition that: (1) an unaudited 1999 annual report be provided to the participants; and (2) the audited 2000 report will include the 1999 data.
01/31/2000	00-12 ; Rule 4.22(c) & (d);; No-Action The CPO of a small pool which has never traded futures or options and requested exemption from the requirement of Rule 4.22(d) that the pool's 1999 Annual Report be audited. The participants submitted consent waiver statements in support of the exemption. The exemption was granted upon condition that an unaudited 1999 Annual Report be provided to the participants.
01/28/2000	00-17 ; Rule 4.7(a);; No-Action The Division of Trading and Markets provided exemptive relief to two registered CPOs that permits the CPOs to treat their non-QEP employees as QEPs for purposes of the employees' investments in funds operated by the CPOs pursuant to Rule 4.7(a) because the employees are either "knowledgeable employees" as that term is defined in Rule 3c-5 under the Investment Company Act of 1940 or have been employed in the financial services industry for at least two years and are "accredited investors" as that term is defined in Rule 501(a)(6) under the Securities Act of 1933.
01/28/2000	00-16 ; Regulation 4.7(a);; No-Action The Division of Trading and Markets provided an exemption to a registered CPO from the requirements of Rule 4.7(a) to permit certain employees who are not QEPs, but who are "knowledgeable employees" as defined in Rule 3c-5 of the Investment Company Act of 1940, to invest in certain commodity pools operated by the CPO pursuant to Rule 4.7(a).
01/28/2000	00-15 ; Rule 4.33;; No-Action The Division of Trading and Markets provided exemptive relief to a registered CTA from the requirements of Rule 4.33 that the firm must maintain its books and records at its main business office, so that it could keep certain books and records at the futures commission merchant where all accounts managed by the CTA will be carried.
01/28/2000	00-14 ; Regulation 4.7(b);; No-Action The Division of Trading and Markets provided an exemption to a registered CTA, permitting it to treat a pool as a QEC for the purposes of its advising the pool pursuant to Rule 4.7(b), where each of the current limited partners of the pool is a principal of either the CTA or the CPO. The letter also denied the CTA relief from the QEC criteria of Rule 4.7(b) with respect to additional limited partners of the pool where the CTA did not present any special facts or circumstances that would permit it to treat such limited partners as QECs.
01/28/2000	00-11 ; 4.22(c) & (d);; No-Action The CPO of a small pool dissolved the end of November and requested exemption from the requirement of Rule 4.22(d) that the pool's 1999 Annual Report be audited. The participants submitted consent waiver statements in support of the exemption. The exemption was granted upon condition that an unaudited 1999 Annual Report be provided to the participants.
01/12/2000	00-08 ; Rule 4.7(a);; No-Action The Division of Trading and Markets provided an exemption to a registered commodity pool operator (CPO) from the requirements of Rule 4.7(a) to permit certain employees who are not qualified eligible participants (QEPs), but who are "knowledgeable employees" as defined in Rule 3c-5 of the Investment Company Act of 1940 (17 C.F.R. ?270.3c-5 (1999)) to invest in a commodity pool operated by the CPO pursuant to Rule 4.7(a).