Release: 4760-03
For Release: March 7, 2003

CFTC Provides Annual Report Guidance to Commodity Pool Operators

The Commodity Futures Trading Commission’s Division of Clearing and Intermediary Oversight (DCIO) today issued its annual guidance letter to registered commodity pool operators (CPOs). The letter is intended to assist CPOs, and their public accountants, in complying with the Commission’s regulations on the preparation and filing of annual financial reports. In the letter DCIO shares the results of its experience reviewing prior years’ annual reports and provides guidance on industry specific financial reporting.

Beginning this year CPOs will not receive the letter by mail but rather will need to access it on the Commission’s website at: http://www.cftc.gov/tm/tmcompliance.htm.

Highlights of the guidance letter include:

• For fiscal years ending on or after December 31, 2002, CPOs need only file one copy of each pool report with the National Futures Association (NFA). (Beginning in January 2003, the CFTC delegated the primary responsibility for regulation of commodity pools, including review of annual reports, to the NFA.)
• Illustrations of how to comply with certain generally accepted accounting principles, such as reporting futures contract investments and supplementary fund-of-funds information.
• A listing of Commission and NFA staff members who can be contacted to address related questions.

Copies of the letter also may be obtained by contacting the Commission’s Office of the Secretariat, Three Lafayette Centre, 1155 21^st Street, N.W., Washington, D.C. 20581, (202) 418-5100.