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
05/24/2001	01-46 ; Rule 4.22(f)(1);; No-Action registered CPO requested, under rule 4.22(f) (1), an extension of time to file its audited report. The CPO did not have the audited reports of investee pools. The CPO submitted statements from the investee pools and the pool's accountant. Based on supporting documentation, the request for relief was granted for the CPO until June 15, 2001.
05/23/2001	01-45 ; Section 2(a);; No-Action A no-action request was granted to permit the offer and sale in the United states of the futures contract on the S&P/TOPIX 150 Index Traded on the Tokyo Stock Exchange.
05/16/2001	01-43 ; Rule 4.22(d);; No-Action The CPO of a small pool requested exemption from the requirement of rule 4.22(d) that the pool's 2000 Annual report be audited. The Fund terminated trading in October and had one participant by the end of the year. The participants supported the request. The exemption was granted.
05/16/2001	01-42 ; Section 2(a);; No-Action A no-action letter was issued allowing the Mercato Italiano dei Derivati Mini futures contract based on the MIB 30 Index to be offered or sold in the United States.
05/02/2001	01-44 ; Rules 4.7(b)(2) and 4.7(b)(3);; No-Action The Division of Trading and Markets provided exemptive relief to a registered CPO from the periodic and annual reporting requirements of rules 4.7(b)(2) and 4.7(b)(3) in connection with its operation of a master fund that has as its sole participant 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 two Feeder Funds, and any fund for which the CPO is the sole CPO and files a claim for exemption under rule 4.7; 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.
04/23/2001	01-41 ; Section 4m(1) of the Commodity Exchange Act;; No-Action The Division of Trading and Markets granted a CPO registration no-action position to a grain farmer and registered IB/CTA that was seeking to operate a marketing club (Club) that will enable local farmers to contribute a fixed amount of certain grain and trade commodity interests primarily to hedge the price risks associated with marketing that grain. The Club, which is being created under the auspices of the North Dakota Cooperative Extension Service (NDCES), is being formed to assist the Club members in learning the techniques for managing grain price risks and will be comprised of no more than 30 farmers. The relief was based upon specific characteristics of the Club and was granted on the condition, among others, that an NDCES cooperative extension agent will serve as a facilitator for the Club for so long as it is in operation.
04/20/2001	01-40 ; Part 34 of the Commission's rules and Section 105(a) of the Commodity Futures Modernization Act;; No-Action The Division of Trading and Markets (Division) issued a reply treating as withdrawn a Petition seeking confirmation that a particular product qualified for exemption from the Commodity Exchange Act and rules thereunder as a hybrid instrument. The Division's reply was based upon the self-effectuating nature of the newly-enacted exclusion from regulation for hybrid instruments that are predominantly securities set forth in Section 105(a) of the Commodity Futures Modernization Act. The Division also advised the requester to seek advice from the SEC on the issue of whether its hybrid instruments satisfy the predominance test and should be registered as securities.
04/20/2001	01-39 ; Rule 4.22(f)(1);; No-Action The registered CPO of pools requested, under Rule 4.22(f)(1), an extension to file its audited report. The auditors are not permitted to certify the audited financial statements until they receive the opinion letters for the pools from the attorneys outside of the U.S. Based on the supporting information, the extension was granted until April 30, 2001.
04/20/2001	01-38 ; Rule 4.22(f)(1);; No-Action The registered CPO of pools requested, under Rule 4.22(f)(1), an extension to file its audited report. The auditors are not permitted to certify the audited financial statements until they receive the opinion letters for the pools from the attorneys outside of the U.S. Based on the supporting information, the extension was granted until April 30, 2001.
04/17/2001	01-37 ; Rule 4.22 (c);; No-Action The CPO of a pool requested exemption from the requirement of Rule 4.22(c) that the pool's 2000 Annual Report be distributed. The Pool's only participant was the affiliate of the pool operator. Given the proprietary nature of the Pool, a statement from the participant was not necessary nor the distribution of a 2000 uncertified report. The Pool operates pursuant to a Rule 4.7 exemption.