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
12/16/1999	99-67 ; Section 5 of the Act;; No-Action The Division of Trading and Markets issued a letter granting no-action relief to permit the operation and use of an automated system for buying and selling electricity for delivery in the future, without the system operator obtaining contract market designation pursuant to Section 5 of the Act.
12/15/1999	99-61 ; Rules 4.21, 4.22, and 4.23(a)(10) and (a)(11);; No-Action An offshore commodity pool may be granted an exemption from the disclosure, reporting and certain record-keeping requirements of Rules 4.21, 4.22, and 4.23(a)(10) and (a)(11) where: (1) it notifies the Division of Trading and Markets if the location of any books and records required by Rule 4.23(a) changes from that represented; (2) it remains responsible for ensuring that all books and records required by Rule 4.23(a) are maintained in accordance with Rule 1.31 and for assuring their availability; (3) within forty-eight hours after a request, will obtain the books and records; and (4) discloses in each Disclosure Document for the Fund that copies of the books and records are kept by the firm in its office located in the United States.
12/14/1999	99-65 ; Rule 4.23;; No-Action The Division of Trading and Markets provided exemptive relief to an applicant for registration as a CPO, from the requirements of Rule 4.23 that the firm must maintain its books and records at its main business office, so that it could keep certain books and records at a branch office where administrative and accounting functions are performed.
12/14/1999	99-60 ; Regulation 4.33;; No-Action A registered CTA, given power of attorney to trade client accounts at his discretion, entered into an agreement with another registrant absent requesting and receiving relief. His request for relief was denied.
12/09/1999	00-22 ; Section 2(a);; No-Action No-Action letter allowing the Montreal Exchange's futures contract based on the S&P/TSE 60 Stock Index to be offered or sold in the United States.
12/08/1999	99-62 ; Rule 4.7(a)(2)(iii)(A);; No-Action Indefinite relief granted for "fund to fund" from the time requirements contained in Rule 4.7(a)(2)(iii)(A) regarding the filing of an annual report.
12/06/1999	99-64 ; CEA ?? 4d, 4f(b), Regulation 1.57(a);; No-Action The Division of Trading and Markets will not recommend that the Commission institute an enforcement action against a guaranteed IB if the IB introduces to its guarantor FCM certain institutional customers who employ the FCM's execution services but choose to clear their transactions with other FCMs. This no-action position does not affect any other duties or responsibilities of the IB or the FCM, and is subject to certain conditions, including a limit on volume of trading cleared through non-guarantor FCMs.
12/06/1999	99-56 ; Section 4m(1);; No-Action The Division of Trading and Markets issued a no-action position to an investment adviser that provides limited commodity trading advice to two foreign funds, relieving the adviser of the duty to register as a CTA. The Division took this position because, among other things: (1) the funds are organized outside of the United States: (2) shares in the funds will not be owned by or transferred to any United States person; (3) the funds' stated investment strategies are to invest primarily in equity securities; (4) the adviser is already regulated by the SEC as an investment adviser registered under the Advisers Act; (5) the funds will be operated in a manner consistent with the requirements of Rule 4.5(c)(2), and the adviser will comply with the requirement of Rule 4.14(a)(8) with respect to the manner in which commodity interest trading advice is provided to the funds; and (6) at the Division's request, the adviser will provide the Division with information demonstrating the adviser's compliance with the terms and conditions of the Division's no-action position.
11/30/1999	99-55 ; 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 the non-QEP managing member of the CPO as if he satisfies the QEP criteria of Rule 4.7(a). The managing member is responsible for the management of the fund operated by the CPO, is listed as a principal and an AP of the CPO, has been employed for over sixteen years in the financial services industry, is an accredited investor as the term is defined in Rule 501(a)(6) under the Securities Act of 1933 and consents to being treated as a QEP.
11/30/1999	99-54 ; Rule 4.7(a);; No-Action The Division of Trading and Markets provided exemptive relief to a registered CPO that permits the firm to treat the mother and brother of the CPO's sole principal and AP as if they satisfy the QEP criteria of Rule 4.7(a). The mother lives with the CPO's sole principal and AP and he provides her with financial advice and guidance. The brother is involved in the administration of the pool, has experience in international finance, manages his own business and is an accredited investor of that term is defined in Rule 501(a)(6) under the Securities Act of 1933. Both the mother and the brother consent to being treated as QEPs.