No-action letter permitting, subject to certain conditions, commodity pool operators of certain commodity pools that are non-registered investment companies (“Parent Pools”) that use wholly-owned trading subsidiaries to trade in commodity interests (“Trading Subsidiaries”) to consolidate the annual reports required to be submitted to the National Futures Association (“NFA”) pursuant to Commission regulation 4.7(b) or 4.22(c), as applicable, and the CPO-PQR reports required to be submitted to NFA pursuant to Commission regulation 4.27(c) for the Trading Subsidiaries with those of their Paren

Exemption permitting CPO to file a single Annual Report for the period from inception of trading on September 1, 2013 through the end of fiscal year 2014.

Exemption from requirement that a pool’s financial statement be audited by independent public accountants.

The CPO of a commodity pool operated pursuant to Regulation 4.7 requested relief from the audit requirement in Regulation 4.22(d) for the 2013 fiscal year, explained that the pool had ceased trading as of January 10, 2014, and provided waivers from the pool’s six participants, four of whom are principals or affiliates of the pool’s managing member. The Division granted relief, provided that the CPO distribute and file unaudited financial statements with NFA and provided that the final distribution of pool assets is completed within 14 days of the date of the relief letter.

Exemption permitting CPO to file a single Annual Report for the period from January 1, 2013 through the pool’s permanent cessation of trading on February 28, 2014.

The CPO of an offshore commodity pool requested relief from the requirement in Commission regulation 4.7 that the pools financial statements be prepared in accordance with U.S. GAAP. The CPO requested permission to use Luxembourg GAAP in lieu thereof. The CPO represented that the preparation of the pools financial statements would satisfy the requirements of Commission regulation 4.22(d)(2)(i) with respect to the use of Luxembourg GAAP.

The CPO of a commodity pool operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pools annual reports be audited. The CPO was not required to submit waivers because the pools only participants are two partners of the CPO. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the filing and distribution of an unaudited Annual Report that otherwise complies with Commission regulation 4.7(b)(3).

Division of Swap Dealer and Intermediary Oversight issued a no-action letter stating that it will not recommend that the Commission take enforcement action against commodity pool operators of registered funds for failure to provide a separate report for their controlled foreign corporations to the National Futures Association pursuant to Commission regulation 4.27(c) and a separate annual report for their controlled foreign corporations to the National Futures Association pursuant to Commission regulation 4.22(c); provided that such commodity pool operators consolidate the reporting for the

The CPO of a pool that had previously been granted relief from the certification requirement for fiscal year 2009 informed DCIO that the pool had ceased operations subsequent to the issuance of relief and requested relief from the certification requirement for the pool’s final annual report. Because the facts were substantially identical to those that formed the basis for the issuance of the prior relief and the CPO submitted waivers from the pool’s two participants, DCIO granted the relief requested.

The CPO of a pool that had previously received exemptive relief to provide a 14-month certified Annual Report for the period from the inception of trading in November 2009 through December 31, 2010 requested relief from the certification requirement of Regulation 4.22 with respect to the pool’s final Annual Report. Because the CPO’s prior relief was conditioned upon the provision of a certified Annual Report, the CPO was required to seek exemptive relief where it otherwise would not be necessary.