RegAlert2014-09-09 | CFTC Staff Letter 14-116Added · Updated
CFTC Staff Letter 14-116: Exemptive Relief from Marketing Restrictions for CPOs
The Division of Swap Dealer and Intermediary Oversight grants exemptive relief from specific provisions in Regulations 4.7(b) and 4.13(a)(3)(i) to commodity pool operators (CPOs) relying on SEC Rule 506(c) or Rule 144A. This relief removes the prohibitions against general solicitation and marketing to the public, allowing these CPOs to engage in such activities while remaining subject to other conditions, such as selling only to qualified eligible persons or accredited investors. CPOs must file a materially complete and accurate notice via email to dsionoaction@cftc.gov to claim this relief, which remains effective until final Commission action addresses the JOBS Act amendments.
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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. 14-116
Exemption
September 9, 2014
Division of Swap Dealer and Intermediary Oversight RE: Exemptive Relief from Provisions in Regulations 4.7(b) and 4.13(a)(3) Consistent with JOBS Act Amendments to Regulation D and Rule 144A The Division of Swap Dealer and Intermediary Oversight (“DSIO” or “Division”) of the Commodity Futures Trading Commission (“Commission”) intends to provide relief from certain provisions in Regulations 4.7(b) and 4.13(a)(3), which provide exemptive relief from specific compliance obligations in Part 4 of the Commission’s regulations and from commodity pool operator (“CPO”) registration, respectively. 1 Such exemptive relief is being issued in response to amendments made by the Securities and Exchange Commission (“SEC”), pursuant to recent legislative directives, which add a new registration exemption to Rule 506 of Regulation D 2 (“Reg D”) and amend Rule 144A. 3 The Jumpstart Our Business Startups Act of 2012 On April 5, 2012, the Jumpstart Our Business Startups Act (“JOBS Act”) was enacted for the stated purpose of “increas[ing] American job creation and economic growth by improving access to the public capital markets for emerging growth companies.”4 Among other things, the JOBS Act amended various sections of the Securities Act of 1933 (“33 Act”) and required the SEC to amend its rules to implement certain of the JOBS Act provisions.
Section 5 of the 33 Act 5
requires the registration of securities offerings with the SEC and compliance with prospectus delivery requirements, unless an exemption is available. Section 4(a)(2) (formerly Section 4(2)) of the 33 Act 6 provides a statutory exemption from these registration and prospectus delivery requirements for “transactions by an issuer not involving any
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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.