CFTC Issues Four No-Action Letters to CPOs Regarding Annual Report Requirements (CFTC Letters 15-10, 15-11, 15-12 and 15-13)

The CFTC issued four separate no-action letters to individual CPOs and CTAs granting relief from reporting requirements.

In Letter 15-10, the CFTC granted no-action relief to the CPO of two commodity pools from the annual report requirement in CFTC Rule 4.7(b)(3) to allow the CPO to file an annual report for the pools for the period from December 1, 2014, the date the pools began operations, to December 31, 2015. The CPO also submitted signed waivers from its four pool participants, indicating their consent to receive such an annual report.

In Letter 15-11, the CFTC granted no-action relief to a CPO of a commodity pool from Rule 4.7's annual report requirement, in order to permit the CPO to file an annual report for the period from January 1, 2014 to January 9, 2015, the date that the pool's last asset was liquidated after it ceased trading on December 31, 2014.

Letter 15-12 granted no-action relief to a CPO of a commodity pool from the requirements in Rules 4.7(b)(3) and 4.22(d) to file and distribute to participants an annual report containing audited financial statements. Though initially marketed to outside investors, the pool became and will remain proprietary in nature, the participants being the CPO and accounts owned by the CPO's managing member.

Letter 15-13 granted no-action relief to the CPO of two commodity pools from the annual report requirement in Regulation 4.7(b)(3), to allow the CPO to file an annual report for the pools for the period from November 3, 2014, the date the pools began trading, to December 31, 2015. The CPO stated that one pool feeds into the other, and though solicitation is ongoing, the only participant in the feeder pool currently is the CPO's CEO.

See: CFTC Letter 15-10; CFTC Letter 15-11; CFTC Letter 15-12; CFTC Letter 15-13; CFTC Exemptive Letters Page.Related news: CFTC Issues Four No-Action Letters to CPOs Regarding Reporting Requirements (CFTC Letters 15-06, 15-07, 15-08 and 15-09) (March 3, 2015).