CFTC Issues Two No-Action Letters Providing Relief to CPOs from Report Requirements (CFTC Letters 14-13 and 14-14)

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two separate no-action letters providing relief to two commodity pool operators ("CPOs") that requested exemptions regarding annual reports.

CFTC Letter 14-13 provided no-action relief to a CPO of two commodity pools from the requirements under CFTC Rule 4.7(b)(3) ("Annual Report Relief Available to CPOS") in order to permit the CPO to file an Annual Report for the pools for the period from July 19, 2013 (the date upon which the pools began trading) to December 31, 2014 (the close of the pools' fiscal year). The DSIO granted the relief conditioned upon the CPO's stated intent to file and distribute an 18-month Annual Report for the period.

CFTC Letter 14-14 provided no-action relief to a CPO of a commodity pool who requested exemption from the requirement in CFTC Rule 4.7(b)(3) and 4.22(d) ("Reporting to Pool Participants") that the financial statements in the pool's annual report be audited for the fiscal year ending on December 31, 2014. The DSIO granted the CPO relief conditioned upon the filing and distribution of an uncertified Annual Report for fiscal year 2013 that otherwise complied with the provisions of Rule 4.7(b)(3).

See: CFTC Letter 14-13; CFTC Letter 14-14. See generally: Disclosure, Reporting and Recordkeeping Chapter of Lofchie's Guide to CPO CTA Regulation (accessible to Cabinet subscribers only). Related news: CFTC Issues Three No-Action Letters Granting Relief to CPOs from Annual Financial Report Filings (CFTC Letters 14-09, 14-10 and 14-11) (February 7, 2014); CFTC Issues Exemptive Letter Regarding Annual Report Filing Deadline for CPO (CFTC Letter 14-06) (January 24, 2014).