Title: 10-29


CSL Letter Types

CSL Divisions

CSL Regulation Parts


CSL Issuance Date

Description

The CPO of four pools organized as Delaware Series Limited Liability Companies requested an interpretation of the use of the term “pool” in Part 4 of the Commission’s regulations to include the individual series of a series limited liability company. The CPO also requested relief to use a tripartite disclosure document that limited certain disclosures to the offered series. DCIO declined to expand the definition of the term “pool” to include a series of a series limited liability company. DCIO did, however, grant exemptive relief and permitted the CPO to file and distribute a disclosure document that provided disclosures regarding the pool as a whole in the first part and disclosures only with respect to the offered series in a second part. DCIO required the CPO to disclose the manner of organization of the pool and the fact that series other than the offered series existed and that information regarding other series was available upon request. Additionally, DCIO required the CPO to make certain representations to NFA prior to filing such disclosure document and to ensure that both parts of the disclosure document be distributed to prospective participants together. DCIO further required the CPO to comply with the prescribed risk disclosure statement set forth in Regulation 4.24 and to present the required information in the forepart of the first part of the document, but permitted customization.