RegAlert2014-06-20 | CFTC Staff Letter 14-104Added · Updated
CFTC No-Action Relief from CPO Registration for Family Investment Funds and Operating Entity
The Division of Swap Dealer and Intermediary Oversight will not recommend enforcement action against Mr. D, Mr. E, members of the Families serving as managing members or general partners, entity A, and A's employees for failing to register as commodity pool operators. This relief applies to the operation of thirteen funds established by the Families, which are funded exclusively by the Families' private wealth and returns, with no third-party capital or equity interests. The decision covers investment activities involving multiple limited liability companies and partnerships managed jointly by the patriarchs, provided that material facts regarding the structure and operations remain unchanged.
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Division of Swap Dealer and Gary Barnett
Intermediary Oversight Director
U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-6700
Facsimile: (202) 418-5528 gbarnett@cftc.gov
CFTC Letter No. 14-104
No-Action
June 20, 2014
Division of Swap Dealer and Intermediary Oversight RE: Request for No-Action Relief from Commodity Pool Operator Registration under the Commodity Exchange Act for “A” Dear :
This responds to your letter dated November 6, 2013 (“Correspondence”), to the Division of Swap Dealer and Intermediary Oversight (“DSIO” or “Division”) of the Commodity Futures Trading Commission (“Commission”). You state that you represent the “B” and “C” families (the “Families”), as well as “A”, a corporation formed solely to provide services to the Families, in connection with the Families’ joint investment and administrative activities. By the Correspondence, you request, on behalf of the Families, “A”, and the employees of “A”, noaction relief from the obligation under Section 4m(1) of the Commodity Exchange Act (“CEA”) to register with the Commission as a commodity pool operator (“CPO”), with respect to their investment activities in multiple funds established by the Families (“Funds”). 1 You make the following representations regarding the Families, the operations of “A”, and the Funds in your Correspondence: The Families have been closely linked for several decades, since the two patriarchs, “D” and “E”, who first met as co-workers in 1958, co-founded “F” in 1971, a public company and large retailer in the U.S., of which Mr. “D” and Mr. “E” continue to serve as Co-Chairmen of the company’s Board of Directors. Also, in the early 1970s, the two men began coordinating their investment activities, and each was appointed executor of the other’s estate. In 1996, after concluding that they and other members of the Families would benefit from obtaining assistance in handling the administrative tasks involved in their joint investment
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Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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