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
11/23/1994	95-36; ; CEAct 4m(1);; Interpretative The AP and principal of an entity registered as an 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
11/23/1994	95-35 ; Rules 4.10(d), 4.31, 4.32;; Interpretative A partnership, in theform of a joint business venture made available only to immediate family members, is not a "pool" within the meaning and intent of Rule 4.10(d) and, therefore, the general partner/CTA is not required to register as a CPO. The general partner/CTA also is exempted from the disclosure and recordkeeping requirements of Rules 4.31 and 4.32
11/22/1994	95-45 ; Rule 4.7;; No-Action A CPO may claim Rule 4.7 relief, even though two investors in the pool are not QEPs, where: (1) the investors in question are "accredited investors" under SEC Regulation D; (2) the investors are friends and/or business acquaintances of the CPO; and (3) prospectively, only QEPs will be allowed to invest in the pool
10/18/1994	95-29; ; Rules 4.7(a)(2)(iv), 4.7(b)(2)(ii);; Exemption The CPO/CTA of an offshore pool is exempted form maintaining books and records at its main business office, and can utilize the services of a third party offshore entity formed to provide administrative and accounting services to offshore pools, where: (1) the CTA and CPO remain responsible for complying with applicable requirements of Rule 4.7; (2) the CPO/CTA will keep duplicates of the books and records at its main business office in the U.S.; (3) the original books and records are being kept offshore to comply with IRS rules; and (4) upon request of a CFTC or NFA representative, the original books and records will be provided within 72 hours
10/13/1994	94-96 ; Section 4m(1);; No-Action The Division of Trading and Markets granted CPO registration no-action relief to the investment general partner of a commodity pool, where the managing general partner was registered as a CPO. (T&M)
10/12/1994	95-04 ; CEAct 2(a)(1)(B)(v);; No-Action The Australian branch of a U.S. FCM (which is also a clearing member of the Sydney Futures Exchange (SFE)) may clear trades on an omnibus basis in three cash-settled SFE futures on individual equity securities. The no-action position is based, in part, on the fact that the primary market for the underlying securities is located outside the U.S. and that no trades on equity futures will involve U.S. customers
10/11/1994	95-34 ; CEAct 4k, Rule 3.12(a) and (h)(1)(iii);; No-Action The chief operating officer of a CTA/CPO is not required to register as an AP of the firm, pursuant to the exemption from AP registration under Rule 3.12(h)(1)(iii), even though the firm could not confirm with absolute certainty that it would meet the ten percent revenue limitation of the rule, provided that: (1) the firm confirms annually thereafter that it meets the ten percent revenue limitation; and (2) all other requirements of the rule are met
09/28/1994	94-94 ; Regulation 4.21;; No-Action The Division of Trading and Markets relieved a CPO from disclosing information on the principal of a trading system the pool would use, where the information was disclosed provided for the developer of the trading system itself. (T&M)
09/21/1994	95-33; ; Rule 4.7(a)(2)(ii) and (iii), and 4.22(a) and (c);; Exemption The CPO of multi-advisor investor funds is exempted from the time requirements of Rules 4.7 and 4.22, provided that: (1) each fund's periodic reports are distributed within 40 days after the end of each funds's periodic reporting period; and (2) annual reports are distributed and filed within 120 days after the end of each fund's fiscal year
09/09/1994	94-86 ; Regulations 4.31 and 4.32;; No-Action The Division of Trading and Markets provided relief from CTA disclosure and recordkeeping requirements where the CTA was also a registered investment adviser and it would be providing advice to certain foreign investment companies. (T&M)