CFTC Issues Exemptions for CPOs from Independent Auditing and Other Annual Reporting Requirements (CFTC Letters 14-100, 14-101, 14-102 and 14-103)

The CFTC issued four no-action letters exempting CPOs and their pools from CFTC rules regarding annual report requirements and the requirement to have an independent public accountant audit a pool's financial statement.

CFTC Letter 14-101 granted relief to a CPO of a commodity pool from the audit requirement in CFTC Rule 4.22(d) for the 2013 fiscal year, explaining that the pool had ceased trading as of January 10, 2014 and provided waivers from the pool's participants. The relief is conditioned upon the CPO's distributing and filing unaudited financial statements with the NFA, and provides that the final distribution of pool assets will be completed within 14 days of the no-action letter.

CFTC Letter 14-102 granted an exemption from the requirement in CFTC Rule 4.22(d) that a pool's financial statement be audited by independent public accountants.

CFTC Letters 14-100 and 14-103 granted an exemption from CFTC Rule 4.7(b)(3) to permit a CPO to file a single annual report for the time periods specified in the letters.

See: CFTC Letter 14-100; CFTC Letter 14-101; CFTC Letter 14-102; CFTC Letter 14-103.