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
07/10/2002	02-82 ; Rule 4.22(c) & (d);; No-Action The CPO of a small fund that began trading late in the year requested exemption from filing an Annual Report for year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the fact that the 2002 Annual Report will cover the entire operating history of the fund.
07/02/2002	02-83 ; Section 4m(1);; No-Action The Division of Clearing and Intermediary Oversight denied the request of the general partner of a limited partnership that traded commodity interests for relief from the CPO and CTA registration requirement of Section 4m(1) of the Act. Among other things, the general partner had sought relief based upon representations that the limited partnership commits approximately ten percent of its assets to commodity interest trading. The Division stated that there currently is no exception to the obligation to register as a CPO based solely on the amount of its assets a pool commits to commodity interest trading. With regard to the request for relief from CTA registration, the Division noted that, since the general partner must register as a CPO in connection with the limited partnership, upon registering as a CPO the general partner would be exempt from having to register as a CTA, pursuant to Commission Rule 4.14(a)(4).
07/01/2002	02-87 ; Section 4m(1);; No-Action The Division of Clearing and Intermediary Oversight took a CPO registration no-action position with respect to the general partner of an offshore pool such that the investment manager of the pool could serve as the registered CPO of the pool instead of the pool's general partner. This position was based upon representations that: (1) the investment manager was in the process of registering as a CPO; (2) the general partner and the investment manger were affiliated entities; (3) the general partner was formed as a separate entity from the investment manager solely to comply with legal requirements of the pool's home country; and (4) the general partner and the investment manager executed cross acknowledgements of joint and several liability for any violations by the other of the CEA and Commission rules. The no-action position was expressly conditioned upon successful and continued registration as a CPO of the investment manager.
06/28/2002	02-81 ; Section 2(a);; No-Action Eurex Deutschland requested no-action relief in connection with the offer and sale in the United Stated of its futures contract on the Dow Jones Global Titans 50 Index.
06/28/2002	02-80 ; Section 2(a);; No-Action JSE Securities Exchange South Africa requested no-action relief in connection with the offer and sale in the United States of its futures contract based on the FTSE/JSE 40 Top Companies Index.
06/28/2002	02-79 ; Rule 4.22(f);; No-Action A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(1) requested an additional extension. The additional time is required because the CPO had not yet received information from certain investee funds.
06/17/2002	02-78 ; Rule 4.22 (f)(1);; No-Action A Commodity Pool Operator of a 4.7 "fund of fund" pool requested relief to file the annual report until July 31, 2002. The request was denied as the Division staff noted that the benefits of providing an audited financial report were outweighed by the need for pool participants to obtain financial information in a timely manner so that they may make informed investment decisions. Thus, delaying delivery of an annual report until July 31 outweighs the advantage of having the annual report certified, in light of their qualifying to file unaudited annual reports due to their status as 4.7 pools.
06/14/2002	02-77 ; Rule 4.22(f)(2);; No-Action A CPO seeking relief under Rule 4.22(f)(2) which does not intend to have its 2001 annual report certified does not qualify for the relief. As a consequence of the Pool's annual report not being certified, the CPO does not qualify for the extension under Rule 4.22(f)(2). Thus, the requested relief was denied.
06/14/2002	02-76 ; Rule 4.22(c) and (d);; No-Action The CPO of a small fund that began trading late in the year requested exemption from filing an Annual Report for the year ending December 2001. The participants submitted statements in support of the exemption. The exemption was based on the fact that the 2002 Annual Report will cover the entire operating history of the fund.
06/13/2002	02-75 ; Rule 4.22(f);; No-Action A CPO which had claimed an extension of time to file its annual report under Rule 4.22(f)(2) requested an additional extension. The additional time is required because the CPO had not yet received information from certain investee funds.