CFTC Issues Two No-Action Letters Providing Relief to CPOS from Reporting Requirements (CFTC Letters 14-22 and 14-23)

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 14-22 provided no-action relief to a CPO of a commodity pool from CFTC Rule 4.7(b)(3) ("Relief Available to CPOs"), which requires that the CPO distribute to its participants, and file with the National Futures Association ("NFA"), an Annual Report within 90 days of the close of the Pool's fiscal year. Instead, CPO proposed to file a 13-month Annual Report for the Pool for the period from January 31, 2013 through January 31, 2014, or the date the Pool permanently ceased trading.

CFTC Letter 14-23 provided no-action relief to a CPO of a commodity pool from the requirement to have an independent public accountant audit the financial statement of the Pool's annual report, pursuant to CFTC Rules 4.7(b)(3)(i) and 4.22(d) ("Reporting to Pool Participants") for the fiscal year ending December 31, 2013. The CPO submitted waivers from all of the Pool's participants evidencing their consent to the relief. The relief was granted conditioned upon the filing and distribution of an uncertified Annual Report for fiscal year 2013 that otherwise complies with the provisions of Rule 4.7(b)(3).

See: CFTC Letter 14-22; CFTC Letter 14-23. See generally: Disclosure, Reporting and Recordkeeping Chapter of Lofchie's Guide to CPO CTA Regulation (accessible to Cabinet subscribers only). Related news: CFTC Grants No-Action Relief to CPO from Requirement to Audit Financial Statements in Annual Report (CFTC Letter 14-19) (with Lofchie Comment) (February 21, 2014); CFTC Issues Two No-Action Letters Providing Relief to CPOs from Report Requirements (CFTC Letters 14-13 and 14-14) (February 12, 2014); 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).