The Division of Swap Dealer and Intermediary Oversight granted exemptive relief pursuant to Commission regulations 4.12(a) and 140.93 to a commodity pool operator of three commodity pools that are organized as a three-level master-feeder structure that each operate pursuant to an exemption under Commission regulation 4.7 and began accepting subscriptions in December 2013 from the requirement to have an independent public accountant audit the financial statements in each commodity pool’s annual report for fiscal year 2013 pursuant to Commission regulation 4.22(d).