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
03/06/2000	00-36 ; 4.22(c) & (d);; No-Action The CPO of a small pool requested exemption from the requirement of Rule 4.22(d) that the pool's 1999 Annual Report be audited. The participants supported the request. The exemption was granted upon condition that an unaudited 1999 Annual Report be provided to the participants.
03/03/2000	00-23 ; Rule 4.22(c) & (d);; No-Action The CPO of a pool undergoing an orderly closing and liquidation of assets by the end of January 2000 requested exemption from the requirements of Rule 4.22(d) that the pool's 1999 Annual Report be audited. The participants submitted consent waiver statements in support of the exemption. The exemption was granted upon condition that an unaudited 1999 Annual Report be provided to the participants.
03/02/2000	00-26 ; 4.22(c) & (d);; No-Action The CPO of a small pool which started in late 1999 requested exemption from the requirement of Rule 4.22(d) that the pool's 1999 Annual Report be audited. The participants supported the request. The exemption was granted upon condition at (1) an unaudited 1999 Annual Report be provided to the participants, and (2) the audited 2000 report will include 1999 data.
02/29/2000	00-57 ; Rule 4.13(a)(1), Rule 4.13(b)(2)(I)(A) and (B), and Rule 4.7(a)(1)(ii)(B)(2)(xi);; No-Action The Division of Trading and Markets confirmed availability of CPO registration exemption under Rule 4.13(a) for managing members where LLC was formed as investment vehicle for partners and key employees of a law firm. The Division also granted exemption permitting substitute compliance with reporting requirements for the LLC because it trades through investee vehicles and thus cannot timely obtain necessary information from investee vehicle operators to permit normal compliance. The Division granted exemption permitting the LLC to be treated as a QEP, notwithstanding that not all of its members are QEPs, if the LLC invest more than ten percent of its assets in Rule 4.7 exempt pools.
02/29/2000	00-32 ; Rule 4.7(a);; No-Action The Division of Trading and Markets provided exemptive relief to a registered CPO that permits the CPO to treat four non-QEP investors as if they satisfy the criteria of Rule 4.7(a). The investors are managing directors of the CPO and have been employed by the CPO for over six years. As such, it appears that they are "knowledgeable employees" as that term is defined in Rule 3c-5 under the Investment Company Act of 1940.
02/29/2000	00-25 ; 4.22(c) & (d);; No-Action The CPO of a small pool requested exemptive relief from the requirement of Rule 4.22(d) whose only two investors in the pool are the sole principal of the CPO and his spouse. The participants submitted consent waiver statements in support of the exemption. The exemption was granted upon condition that an unaudited 1999 Annual Report be provided to the participants.
02/29/2000	00-21 ; Section 2(a);; No-Action No-Action letter allowing the MONEP Exchange's futures contracts based on the Dow Jones STOXX 50 Index and the Dow Jones EURO STOXX 50 Index to be offered or sold in the United States.
02/24/2000	00-18 ; 4.22(c) & (d);; No-Action The CPO of a small pool which started in late 1999 requested exemption from the requirement of Rule 4.22(d) that the pool's 1999 Annual Report be audited. The participants supported the request. The exemption was granted upon condition that (1) an unaudited 1999 annual report be provided to the participants; and (2) the audited 2000 report will include 1999 data.
02/23/2000	00-30 ; Rule 1.46;; No-Action The Division of Trading and Markets provided no-action relief to registered FCMs carrying the accounts of members of the Chicago Mercantile Exchange participating in "market marker" programs sponsored by the Exchange for particular contract markets. To administer the programs, the Exchange will require participants to maintain separate accounts for market-making and regular trades, in which positions might be held that would otherwise be required to be offset by operation of Commission Rule 1.46.
02/18/2000	00-19 ; Rule 4.33;; No-Action An offshore CTA entered into an agreement with a U.S. CPO to maintain the books and records of the CTA's client. The CTA and CPO both filed 4.7 notices and the CTA will not solicit any other client business. The exemption was granted upon condition that (1) the CTA notify the Division if the location of any such books and records changes from that as represented to us; and (2) CTA remains responsible for the maintenance of all required books and records.