CFTC Issues Four No-Action Letters Regarding Filing Requirements for CPOs (CFTC Letters 14-63, 14-64, 14-65, 14-66)

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued four separate no-action letters to commodity pool operators ("CPOs") providing relief from annual report filing and certification requirements.

CFTC Letter 14-63 granted exemptive relief to a CPO of a commodity pool that undertook a change in its underlying strategy in 2013. Subsequently, the CPO gave its existing investors an opportunity to liquidate and suspend all fees beyond operational expenses and began trading with the new models in the latter half of 2013. The letter granted conditional relief from the requirement to have an independent public accountant audit the financial statements in the commodity pool's annual report for fiscal year 2013 pursuant to CFTC Rule 4.22(d) ("Reporting to Pool Participants").

CFTC Letter 14-64 granted exemptive relief to a CPO of two commodity pools that began operations in July 2013. The letter granted conditional relief from the requirements to distribute an annual report to the participants of each commodity pool and to have the financial statements in each commodity pool's annual report be audited by an independent public accountant pursuant to CFTC Rules 4.7(b)(3) ("Annual Report Relief") and 4.22(d) with respect to the annual report for fiscal year 2013.

CFTC Letter 14-65 granted exemptive relief to a CPO of a commodity pool that only has two participants, both of which have discretionary investment authority over a portion of the commodity pool's portfolio and one of which is also a part owner of the CPO and its control affiliate. The letter granted conditional relief from the requirement to have an independent public accountant audit the financial statements in the commodity pool's annual report for fiscal year 2013 pursuant to CFTC Rule 4.22(d). &

CFTC Letter 14-66 granted exemptive relief to a CPO of three commodity pools that are organized as a three-level master-feeder structure and began accepting subscriptions in December 2013. The letter granted conditional relief from the requirement to have an independent public accountant audit the financial statements in each commodity pool's annual report for fiscal year 2013 pursuant to CFTC Rule 4.22(d).

See: CFTC Letter 14-63; CFTC Letter 14-64; CFTC Letter 14-65; CFTC Letter 14-66.