CFTC Letter 02-40: Exemption from Audited Report for The Y. Trust

CFTC Letter 02-40
CFTC Letter No. 02-40
April 9, 2002
Exemption
Division of Trading and Markets
Dear:
This is in response to your letter dated March 25, 2002 to the Division of Trading and Markets (“Division”) of the Commodity Futures Trading Commission (“CFTC”), requesting an exemption from filing an audited financial report for the year ending December 31, 2001, and as the pool has permanently ceased trading, file a certified annual report covering the period January 1, 2001 to March 31, 2002 for the The Y. (the “Trust”). The request is filed on behalf of X, LLC, the commodity pool operator, (“CPO”), for the Fund. Rules 4.22(c) and (d) require each registered CPO to file a certified Annual Report with the Commission and distribute copies to the pool participants within 90 calendar days of the end of the pool’s fiscal year. The principal purpose of financial reporting required by Rule 4.22 is to ensure that pool participants receive accurate, fair and timely information on the overall trading performance and financial condition of the pool. In your request you represent that the Trust permanently ceased trading on December 20, 2001 and will be liquidated prior to April 15, 2002. You stated that if the exemption request is granted a certified Annual Report, covering the period January 1, 2001 to March 31, 2002 to all participants and filed with the Commission and National Futures Association. In light of the representations made in your letter, the Division believes that granting the request on behalf of the Trust is neither contrary to the purposes of Rule 4.22 nor to the public interest. Accordingly, pursuant to the authority delegated by Rule 140.93(a)(1), the Trust is hereby granted relief from the certification requirement of Rule 4.22(d) for the Fund’s fiscal year ending December 31, 2001. The relief granted in this letter is conditioned on the CPO distributing unaudited financial statements to the Fund participants which comply with 4.22(a) and (b), and the CPO must file a certified Annual Report covering the period January 1, 2001 to March 31, 2002, on behalf of the Trust by April 30, 2002, in accordance with Rule 4.22(c) and (d). This letter in no way shall excuse Xl, or the Trust from compliance with any other applicable requirements contained in the Act or in the Commission’s regulations issued thereunder. This letter is based on the representations you have made to us. Any different, changed or omitted facts or conditions might cause us to reach a different conclusion. If you have any questions regarding this letter, please contact me or, Donald Bass, Futures Trading Specialist, on my staff, at (202) 418-5462. file:///S|/Website%20Management/LegacyDataCopyasof2010-04-21/tm/letters/02letters/tm02-40.htm (1 of 2) [5/6/2010 5:43:57 PM]

CFTC Letter 02-40
Very truly yours,
Kevin P. Walek
Assistant Director cc: Regina Thoele, Compliance National Futures Association file:///S|/Website%20Management/LegacyDataCopyasof2010-04-21/tm/letters/02letters/tm02-40.htm (2 of 2) [5/6/2010 5:43:57 PM]