CFTC Issues Three No-Action Letters Granting Relief to CPOs from Annual Financial Report Filings (CFTC Letters 14-42, 14-43, and 14-44)

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued three separate no-action letters providing relief to CPOs regarding the filing of their annual financial statements and reports, pursuant to CFTC Rule 4.7(b)(3) ("Exemption from Certain Part 4 Requirements for Commodity Pool Operators with Respect to Offerings to Qualified Eligible Persons and for Commodity Trading Advisors with Respect to Advising Qualified Eligible Persons") and Rule 4.22(d) ("Reporting to Pool Participants").

CFTC Letters 14-42 and 14-43 provided relief to two different CPOs of commodity pools who requested it from the Annual Report filing and certification requirements in Rules 4.7(b)(3) and 4.22(d), additionally requesting permission to file uncertified annual reports for fiscal year 2013. DSIO granted the exemptive relief, permitting the filing and distribution of the uncertified annual reports for fiscal year 2013.

CFTC Letter 14-44 provided relief to the CPO of a commodity pool who requested relief from the Annual Report filing and certification requirements in Rules 4.22(c) and 4.22(d). The CPO represented that the commodity pool was currently proprietary, consisting solely of the managing member's initial capital contribution, though the CPO was actively soliciting contributions from potential participants. DSIO granted exemptive relief from the certification requirement in Rule 4.22(d), conditioned upon the CPO's filing of an unaudited Annual Report otherwise in compliance with Rule 4.22(c).

See: CFTC Letter 14-42; CFTC Letter 14-43; CFTC Letter 14-44.