CFTC Grants CPOs Exemptive Relief from Quarterly Reporting Requirements

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") granted exemptive relief to multiple Commodity Pool Operators ("CPOs") from the requirement in CFTC Rule 4.7(b)(2) that they distribute to pool participants quarterly account statements within 30 days of the end of the quarter. The relief allows them instead to provide monthly account statements within 45 days of the month's end. DSIO noted that this relief was necessary because the CPOs do not receive from additional pools they operate (including, in one case, sub-pools of a fund-of-funds) the financial information needed to prepare quarterly account statements in time to comply with the deadline prescribed in CFTC Rule 4.7(b)(2).

The relief provided is similar to that previously granted to other CPOs in CFTC Letter 15-44. DSIO conditioned the exemptive relief on the CPOs:

• distributing to all pool participants within 45 calendar days after the end of each month an account statement that includes all of the information required to be included in a CFTC Rule 4.7(b)(2) quarterly account statement and signed and affirmed in accordance with CFTC Rule 4.22(h); and

• informing current and prospective pool participants that account statements will be provided within 45 days after the end of the covered month.