CFTC Issues No-Action Relief to CPOs from Reporting Requirements (CFTC Letters 14-48 and 14-49)

The CFTC Division of Swap Dealer and Intermediary Oversight issued two no-action letters to CPOs of commodity pools regarding their annual report filing requirements.

CFTC Letter 14-48 granted exemptive relief to the CPO of a commodity pool from the annual report filing requirements in CFTC Rule 4.22(c), and permitted the CPO instead to file with the National Futures Association ("NFA") and distribute to pool participants by April 30, 2014 an annual report for the commodity pool covering the period from January 1, 2013 to January 31, 2014.

CFTC Letter 14-49 granted exemptive relief to the CPO of several commodity pools, operating pursuant to an exemption under CFTC Rule 4.7, in which the only participants are principals, senior employees, portfolio managers of the CPO and trusts controlled by the principals of the CPO. The relief exempted the CPO from the requirement to have an independent public accountant audit the financial statements in the commodity pool's annual report for fiscal year 2013 and going forward, pursuant to CFTC Rule 4.22(d).

See: CFTC Letter 14-48; CFTC Letter 14-49. Related News: CFTC Issues Three No-Action Letters Granting Relief to CPOs from Annual Financial Report Filings (CFTC Letters 14-42, 14-43, and 14-44) (March 31, 2014).