CFTC Issues No-Action Relief to CPO from Annual Report Requirements (CFTC Letter 14-37)

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter to a CPO requesting relief from the requirement that a CPO file and distribute to its participants a certified Annual Report within 90 days of the close of a pool's fiscal year.

In support of its request, the CPO submitted waivers from the pool's sole nonproprietary participant evidencing their consent to the relief requested. The DSIO granted the relief from CFTC Rule 4.7(b)(3) ("Relief Available to Commodity Pool Operators") and Rule 4.22(d) ("Reporting to Pool Participants"), conditioned upon (i) the distribution of unaudited financial statements and tax information for the 2013 fiscal year to the nonproprietary participant and (ii) the future filing and distribution of a certified Annual Report to the participant for the period from July 8, 2013, or the date on which the pool received nonproprietary funds, to December 31, 2014.

See: CFTC Letter 14-37. Related news: CFTC Issues Exemptive Relief for the CPO Relating to the Annual Report and Certification Requirements (CFTC Letter 14-30) (March 18, 2014); CFTC Issues No-Action Letter Providing Relief to CPOs from Reporting Requirement (CFTC Letter 14-24)(March 5, 2014); CFTC Issues Two No-Action Letters Providing Relief to CPOS from Reporting Requirements (CFTC Letters 14-22 and 14-23) (February 28, 2014).