CFTC Staff Grants CPO Exemption from Quarterly Report Distribution Requirement

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") granted limited exemptive relief to a commodity pool operator ("CPO") from the quarterly report distribution requirement in CFTC Rule 4.7(b)(2).

Under CFTC Rule 4.7(b)(2), CPOs must distribute a quarterly account statement to their participants within 30 days of the end of each quarter. In requesting exemptive relief, the CPO, which operates three pools that invest in other unaffiliated pools, represented that the unaffiliated pools often fail to provide the financial information necessary to prepare the account statement within the 30-day period. The relief permits the CPO to distribute its reports within 45 days of a period's end. However, the reports would have to be distributed monthly rather than quarterly.