CFTC Letter 02-47: Extension to File Annual Report for Y L.P. and Z Ltd.

CFTC Letter 02-47
CFTC Letter No. 02-47
April 15, 2002
Exemption
Division of Trading and Markets
Dear Mr. X:
This is in response to your letter dated March 26, 2002 and subsequent telephone conversations with the staff of the Division of Trading and Markets (“Division”) of the Commodity Futures Trading Commission (“CFTC”), requesting an extension of time until April 30, 2002 to file the December 31, 2001 Annual Report for Y L.P. and Z Ltd., (the “Funds”). The request is filed on behalf of X, Inc., the commodity pool operator (“CPO”) for the Pool. Rule 4.22(f)(1) allows a CPO to request an extension in the event that the CPO cannot distribute an Annual Report for a pool that it operates within 90 days after the end of the pools’ fiscal year without substantial undue hardship. The request must include detailed supporting documentation to justify the need for the extension. The CPO must also provide a letter from the pool’s independent public accountant addressing certain questions specified in Rule 4.22(f)(1). In support of your request you stated that as a result of reading the “Dear CPO Letter” you were under the erroneous understanding that your circumstances permitted the Funds to not file Annual Reports for
2001. In preparing your formal request for exemption you realized that the relief you were seeking was
from the audit requirements. As a consequence of this misunderstanding you are requesting an extension until April 30 to file the annual report for December 31, 2001. Due to the fact that you have made an honest error and a good faith effort to comply with the rules, the Division has determined to grant an extension until April 30, 2002 to file the unaudited Annual Report for the fiscal year ending December 31, 2002. This extension is granted for this year only. In the future the annual report must be filed within the time required by 4.7. The Division believes that granting the extension of 30 days is neither contrary to the purposes of Rule
4.7 nor to the public interest. Accordingly, pursuant to the authority delegated by Rule 140.93(a)(1), X,
Inc. is hereby granted an extension of time to file the Annual Report for the Funds until April 30, 2002. This exemption applies solely with respect to the extension of time to file the 2002 annual report and shall not excuse X, Inc. or the Funds from compliance with any other applicable requirements or prohibitions contained in the Commodity Exchange Act or in the Commission’s regulations issued thereunder. You must notify us immediately in the event that the activities or operations of the Pool change in any material respect from those as represented to us. This letter is based on the representation you have made to us. Any different, changed or omitted facts or file:///S|/Website%20Management/LegacyDataCopyasof2010-04-21/tm/letters/02letters/tm02-47.htm (1 of 2) [5/6/2010 5:43:54 PM]

CFTC Letter 02-47 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. Very truly yours, Kevin P. Walek Assistant Director (202) 418-5463 cc: Regina Thoele, Compliance National Futures Association file:///S|/Website%20Management/LegacyDataCopyasof2010-04-21/tm/letters/02letters/tm02-47.htm (2 of 2) [5/6/2010 5:43:54 PM]