CFTC Staff Letter 09-39: No-Action and Exemption for Trustee, CPO, and CTA of Exchange-Traded Fund

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 CFTC Letter No. 09-39 Ananda Radhakrishnan Director No-Action and Exemption July 30, 2009 Division of Clearing and Intermediary Oversight Re: Section 4m(1) Request for exemption from requirement to register as a commodity pool operator Regulations 4.21, 4.22 and 4.23 Request for exemption from certain Disclosure Document, reporting and recordkeeping requirements in connection with the operation of the Fund. Regulations 4.31 and 4.36 Request for exemption from Disclosure Document requirements in connection with advising the Fund. Dear :
This is in response to your letter dated June 22, 2009, to the Division of Clearing and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”), as supplemented by subsequent e-mail messages1 (the “correspondence”). By the correspondence, you request, on behalf of “A” exemption from the requirement under
Section 4m(1) of the Commodity Exchange Act (the “Act”)2
to register as a commodity pool operator (“CPO”) in connection with serving as trustee of (the “Fund”). You further request, on behalf of “B”, a registered CPO, exemption from certain provisions of Commission Regulations 4.21, 4.22, and 4.23, which concern, respectively, the disclosure, reporting and recordkeeping requirements applicable to registered CPOs, in connection with “B” serving as the registered CPO of the Fund.3 Finally, you request, on behalf of “C”, a registered commodity trading advisor (“CTA”), relief from Regulations 4.31 and 4.36, which concern, respectively, Disclosure