RegAlert2007-09-13 | CFTC Staff Letter 07-19Added · Updated
CFTC Staff Letter 07-19: No-Action Position on CPO Registration for Commodity Pool General Partner
The Division of Clearing and Intermediary Oversight will not recommend enforcement against entity A for failing to register as a commodity pool operator under Section 4m(1) of the Commodity Exchange Act, provided that entity B serves as the pool's registered CPO and maintains that registration. This relief applies to A solely in its capacity as general partner of the pool and is conditional upon B remaining registered and both entities assuming joint and several liability for violations of the Act or Commission regulations. The position is prospective, does not excuse A from other statutory or regulatory obligations such as antifraud provisions, and requires immediate notification to the Division if material facts or circumstances change.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5430
Facsimile: (202) 418-5547 aradhakrishnan@cftc.gov Division of Clearing and Intermediary Oversight Ananda Radhakrishnan Director CFTC letter No. 07-19 September 13, 2007 No-Action Division of Clearing and Intermediary Oversight
Re: Section 4m(1) – Request for CPO Registration Relief for the General Partner of a Commodity Pool Dear :
This is in response to your letter dated July 23, 2007, 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 dated August 6, August 7, August 21 and August 26, 2007, and by telephone conversations with Division staff (collectively, the “correspondence”). By the correspondence, you seek relief on behalf of “A” from the requirement to register with the Commission as a commodity pool operator (“CPO”) under
Section 4m(1) of the Commodity Exchange Act (the “Act”)1
in connection with serving as the general partner of the Pool, such that “B”, a registered CPO, may serve as the Pool’s CPO instead. Based upon the representations made in the correspondence, we understand the facts to be as follows: “B” has been registered with the Commission as a CPO and as a commodity trading advisor (“CTA”) since 2006. When the Pool was formed as a limited partnership, in 2005, “B” was the general partner.2 In 2006, “A”, “B” and their respective general partners were re-organized;3 “A” replaced “B” as the Pool’s general partner; and “A” and “B” executed a
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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.