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
05/12/2000	00-61 ; Section 4m(1);; No-Action The Division of Trading and Markets granted relief from the commodity trading advisor registration requirement of Section 4m(1) to the investment adviser of the manager of a family of funds based upon, among other things, representations that: (1) the investment adviser is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940; (2) the funds and the manager of the funds are organized outside of the United States; (3) no United States person will participate directly or indirectly in the funds; and (4) the investment adviser will comply with all applicable requirements of Rule 4.14(a)(8), including the manner in which it provides commodity interest trading advice to the funds.
05/09/2000	00-66 ; Rule 4.7(a)(2)(ii) and (iii) and Rule 4.7, 4.21, and 4.22;; No-Action The Division of Trading and Markets exempted a registered CPO from the reporting requirements of Rule 4.7(a)(2)(ii) and (iii) with respect to certain existing investment funds (sub-funds) operated by the CPO and in which the only participants were other funds (feeder funds) operated by the same CPO. The exemption was conditioned upon (1) exclusion from participation in the sub-funds of any persons other than feeder funds operated by the CPO, and (2) issuance by each feeder fund to its participants of annual audited financial reports that incorporate the performance of the relevant sub-fund(s). Requested prospective relief with respect to similar future sub-funds was denied.
05/09/2000	00-62 ; Rule 4.7(a);; No-Action The Division of Trading and Markets provided an exemption to two registered commodity pool operators (CPOs) and commodity trading advisors (CTAs) from the requirements of rule 4.7(a) to permit certain persons, who are not qualified eligible participants (QEPs), but who are related to the principals of one of the co-CPOs, to invest in a commodity pool operated by the co-CPO pursuant to rule 4.7(a).
05/08/2000	00-64 ; Part 35 of the Commission's rules;; No-Action The Division of Trading and Markets and Economic Analysis provided no-action relief to a proposed electronic trading platform for the trading of physical commodities and derivatives products. The no-action letter notes that the terms and conditions of the letter and the operation of the platform might need to be modified to reflect any applicable rules that the Commission might adopt in this area.
05/02/2000	00-59 ; Section 4d(2) of the Commodity Exchange Act and Commission Regulation 1.32;; No-Action The Division of Trading and Markets took a "no-action" position with respect to a futures commission merchant (FCM) that requested to use customer-owned debt securities issued by The Federal National Mortgage Association (Fannie Mae) or The Federal Home Loan Mortgage Corporation (Freddie Mac) to offset net liquidating deficits in customers' accounts when the FCM computes its segregation requirement under Section 4d(2) of the Commodity Exchange Act and Commission Regulation 1.32.
04/28/2000	00-60 ; Rule 4.23; 4.33;; No-Action The Division of Trading and Markets provided exemptive relief to a registered CPO and CTA from the requirements of Rules 4.23 and 4.33 that the firm must maintain its books and records at its main business office, so that it could keep certain books and records at an administrative office. The Division granted the relief subject to the conditions: that the firm notify the Division if the location of the books and records changes: that the firm ensure that the books and records are maintained in accordance with the Commission's Rules; that the firm retrieve the books and records within 48 hours to its main business location upon request by the Commission; that the firm must disclose where all the required books and records are kept in its disclosure documents; and that the firm would remain responsible for the provisions of CFTC Rules 4.23 and 4.33
04/13/2000	00-56 ; 1996-1998 Transfer Binder;; No-Action This letter revises a Commission letter dated December 4, 1997, and advises the National Futures Association (NFA) to cease using CFTC Rule 1.63 as the basis for evaluating the impact of a floor broker's (FB) or floor trader's (FT) exchange disciplinary history on his or her fitness to be registered pursuant to the "other good cause" provision of Section 8a(3)(M) of the Commodity Exchange Act (Act). Instead, NFA should rely on the standard enunciated in In the Matter of Clark
04/06/2000	00-52 ; Section 2(a);; No-Action No-Action request to permit the offer and sale in the U.S. of futures contracts on the Dow Jones STOXX 50 Index and the Dow Jones EURO STOXX 50 Index traded on the Eurex Deutschland.
04/06/2000	00-51 ; Section 2(a);; No-Action No-Action request to permit the offer and sale in the U.S. of futures contracts on the Morgan Stanley Capital International Incorporated Pan-Euro Index and the Morgan Stanley Capital International Incorporated Euro Index traded on the London International Financial Futures and Options Exchange.
04/05/2000	00-55 ; Section 2(a);; No-Action No-Action letter allowing the London International Financial Futures and Options Exchange futures contracts based on the FTSE International Limited Eurobloc 100 Index, the FTSE International Limited Eurotop 300 Index, and the FTSE International Limited Eurotop 300 (Ex. U.K.) Index to be offered or sold in the United States.