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
96-10; PDF Image; Rule 4.7(a)(2)(iv);; No-Action
Relief granted to a CPO from the requirement that a CPO must maintain books and records as specified in the rule at its main business office in connection with the CPOs operation of an offshore pool open only to QEPs.
95-05 PDF Image; Rule 4.7(a);; No-Action
The general partner of a limited partnership pool may treat non-QEP participants as QEPs for purposes of Rule 4.7 treatment, where: (1) certain non-QEPs had not contributed their own funds to the pool; and (2) other non-QEPs, who had contributed their own funds, were principals or associated persons of the pool or its possessed professional credentials and had professional experience in commodities interest trading
95-01 PDF Image; Rule 4.31 (a)(3)(i);; No-Action
A CTA is not required to disclose the entire past performance of two commodity pools operated by a CPO, when a principal of the CPO becomes a principal of the CTA, where: (1) the CTA trades a portion of the assets of each of the two pools and discloses the performance of each of such allocations; (2) the principal had selected the CTAs of the two pools, but for more than three years has not participated in or supervised trading (or CTA selection) for the pools; and (3) the principal will not engage in (or select or supervise those engaged in) making trading decisions for the CTA
95-6; PDF Image; Rule 4.2(f);; Exemption
The CPO of a pool offered through numerous salespersons throughout the US may be exempted from the requirements of Rule 4.21(f) (to furnish copies of the pool's most recent account statement prior to soliciting participation), where: (l) the account statement is distributed shortly after the subscription is received; and (2) the participant has a specified and fully disclosed "free look" period
95-2; PDF Image; Rules 4.21, 4.22, 4.23(a)(10) and (11);; Exemption
A CPO may be exempted from certain disclosure, recordkeeping and reporting requirements with respect to a pool where: (1) the pool participants are all principals or employees of a registered CPO and CTA (the Company); (2) the participants all have significant futures industry experience (except one who is the spouse of a floor trader); (3) the participants will receive the Company's most recent CTA disclosure document, will receive quarterly financial statements, and will have access to all pool trading statements, books and records; (4) the Company will receive no fees or other remuneration from the pool; and (5) the pool will not be marketed to any person or entity that is not an employee or principal of the Company
95-07 PDF Image; Rule 4.7;; No-Action
A pool may continue to claim Rule 4.7 relief following the addition of a new limited partner (a foundation), which is not a QEP, where: (1) all of the directors of the foundation are QEPs; (2) all the foundation's investment decisions are made by one of the QEP directors; and (3) the foundation consents to being treated as QEP
95-3; PDF Image; Rule 155.3;; Interpretative
Rule 155.3 (which sets out procedures for an FCM that opens an account for a person affiliated with another FCM), applies irrespective of whether an FCM's employee opens an account with another FCM or a Rule 30.10 exempted firm
95-39 PDF Image; CEAct 4m(1), Rule 4.13(a)(1);; No-Action
The general partner of a proposed fund is not required to register as a CPO where: (1) the proposed fund is merely a change in form of an existing fund; (2) the existing fund has been in operation for over a year; (3) the existing fund is operated pursuant to a claim of exemption under Rule 4.13(a)(1); (4) each investor is an "accredited investor" having a long-standing professional or personal relationship with the CPO of the existing fund (who will continue as an investor of the new fund); and (5) the CPO of the proposed fund has been the CTA of the existing fund
95-38; PDF Image; CEAct 4m(1);; Exemption
The AP of an entity registered as a CPO, CTA and IB is informed that the exemption from CTA registration available under ?4m(1) of the Act is self executing and that persons meeting the statutory requirements need not register as CTAs
95-37; PDF Image; Rule 1.10(j);; No-Action
Absent contrary provisions in any other agreement between an FCM and an IB, the termination of a guarantee agreement should not automatically bar the payment of amounts the FCM owes the guaranteed IB, nor should it relieve the FCM from any liability under agreements between the FCM and the IB regarding the payment of commissions