CFTC Issues No-Action Relief to CPOs from Reporting Requirements (CFTC Letters 14-58 and 14-59)

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two no-action letters to commodity pool operators ("CPOs") regarding Annual Report filing and certification requirements in CFTC Rule 4.22 ("Reporting to Pool Participants").

CFTC Letter 14-58 grants relief to a CPO from the requirement to file and distribute an Annual Report with audited financial statements to participants of the pool pursuant to CFTC Rules 4.22(c) and (d). The relief is contingent upon the CPO filing with the National Futures Association ("NFA") and distributing to participants unaudited financial statements for the fiscal year 2013 within 90 days of the end of the pool's 2013 fiscal year.

CFTC Letter 14-59 grants relief to a CPO from the requirement to file and distribute an Annual Report with audited financial statements to participants of the pool, also pursuant to CFTC Rules 4.22(c) and (d), for fiscal year 2013 due to the pool's ongoing significant expose to an FCM bankruptcy. DSIO granted the CPO permission to file uncertified annual reports in lieu thereof.

See: CFTC Letter 14-58; CFTC Letter 14-59.