CFTC Staff Letter 06-03: Exemption from Past Performance Disclosure for Employee 401(k) Commodity Pool

The Division of Clearing and Intermediary Oversight exempts commodity pool operator X from the requirement under Rule 4.25(c) to disclose the past performance of other pools and accounts in the disclosure document for pool Y. This relief applies because pool Y is offered exclusively to X's employees participating in the X 401(k) Plan, resulting in unaffiliated contributions falling below the seventy-five percent threshold that would otherwise trigger the disclosure obligation. The exemption is conditioned on X providing a notice in Y’s disclosure document and periodically notifying employees that performance disclosures for X’s other pools and accounts are available upon request.

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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5495
Facsimile: (202) 418-5547 tsmith@cftc.gov
Division of Clearing and
Intermediary Oversight
Thomas J. Smith
Chief Accountant
CFTC letter No. 06-03
August 29, 2005
Exemption
Division of Clearing and Intermediary Oversight

Re: Regulations 4.24 and 4.25 – Request for Relief Regarding Commodity Pool Operator Past Performance Disclosure Dear :
This is in response to your letter dated March 1, 2005, to the Division of Clearing and Intermediary Oversight (“Division") of the Commodity Futures Trading Commission ("Commission"), as supplemented by telephone conversations with Division staff. By your correspondence, you requested, on behalf of “X”, relief from the requirement of Rule 4.25(c) to disclose in a pool’s disclosure document the past performance of pools and accounts other than the offered pool.1

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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