CFTC Issues Two No-Action Letters Providing Relief to CPOs of Pools Organized as Delaware Statutory Trusts (CFTC Letters 14-35 and 14-36)

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two no-action letters providing relief to the CPOs of commodity pools that are organized as series of Delaware statutory trusts; the letters generally allow each series of a trust to be treated as a separate legal entity for purposes of fulfilling the regulatory requirements applicable to commodity pools.

The DSIO granted the relief from CFTC Rule 4.21 ("Required Delivery of Pool Disclosure Document"), Rule 4.24 ("General Disclosures Required") and Rule 4.25 ("Performance Disclosures"), stating that it would accept modified disclosure documents with respect to each series of the Pool that is otherwise compliant with CFTC Rules Part 4 as substituted performance, subject to conditions listed in the letter.

See: CFTC Letter 14-35; CFTC Letter 14-36.