RegAlert2006-09-26 | CFTC Staff Letter 06-27Added · Updated
CFTC Staff Letter 06-27: Exemption from Part 4 Disclosure, Recordkeeping, and Reporting Requirements for Exchange-Traded Funds
The Division of Clearing and Intermediary Oversight grants exemptive relief to a registered commodity pool operator (CPO) regarding the operation of seven series funds structured as exchange-traded funds. The CPO is exempted from Regulation 4.21(b) requirements to obtain signed acknowledgment of Disclosure Document receipt for secondary market sales, provided current information is maintained on designated websites. The CPO is also exempted from Regulation 4.22 requirements to deliver monthly Account Statements to secondary market purchasers, provided the relevant net asset value and certification information is available on the Fund and CPO websites. Additionally, the CPO is exempted from Regulation 4.23 requirements to keep books and records at its main business office, allowing records to be maintained by designated administrator and distributor entities, subject to conditions ensuring immediate availability for inspection upon request.
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U.S. COMMODITY FUTURES TRADING COMMISSION
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Facsimile: (202) 418-5547 aradhakrishnan@cftc.gov Division of Clearing and Intermediary Oversight CFTC letter No. 06-27 September 26, 2006 Exemption Division of Clearing and Intermediary Oversight Re: Regulations 4.21, 4.22 and 4.23 Request for exemption from certain Disclosure Document, recordkeeping and reporting requirements in connection with the operation of The Trust Dear :
This is in response to your letter dated August 8, 2006, to the Division of Clearing and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”), as supplemented by your e-mail messages and telephone conversations with Division staff (the “correspondence”). By the correspondence, you request, on behalf of “A”, a registered commodity pool operator (“CPO”), exemption from certain provisions of Commission Regulations 4.21, 4.22, and 4.23,1 which concern, respectively, the disclosure, reporting and recordkeeping requirements applicable to registered CPOs, in connection with “A” serving as the registered CPO of each of the seven series funds (each a “Fund” and collectively “the Funds”) comprising (the “Trust”). Background Based upon the representations made in the correspondence, we understand the relevant facts to be as follows. Interests (“Shares”) in each Fund will be separately offered and sold to the public, pursuant to an effective registration statement filed with the Securities and Exchange Commission (“SEC”) (the “Registration Statement”).2 The Shares of each Fund will be both
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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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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.