RegAlert2014-11-05 | CFTC Staff Letter 14-143Added · Updated
CFTC Staff Letter 14-143: No-Action Relief from CTA Registration for Family Offices
The Division of Swap Dealer and Intermediary Oversight grants no-action relief from commodity trading advisor registration to family offices providing advisory services to "Family Clients" as defined in 17 CFR 275.202(a)(11)(G)-1(d)(4). This relief is consistent with prior guidance issued in CFTC Staff Letter 12-37 regarding commodity pool operator registration. Eligible family offices must file a specific claim electing the relief, which includes stating the office's name, address, telephone number, and capacity, and must remain in compliance with SEC regulations regardless of whether they seek exclusion under the Investment Advisers Act of 1940.
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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. 14-143
No-Action
November 5, 2014
Division of Swap Dealer and Intermediary Oversight Mr. Paul Architzel Wilmer Hale LLP 1875 Pennsylvania Avenue, NW Washington, D.C. 20006 RE: No-Action Relief from Registration as Commodity Trading Advisors for Family Offices This is in response to your request submitted to the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission”) on November 26, 2013, (the “Correspondence”), on behalf of the Private Investor Coalition, Inc., a coalition of more than fifty single family offices. In the Correspondence, you request that the Division not recommend that the Commission take an enforcement action, pursuant to Section 4m(1) of the Commodity Exchange Act (“CEA”), 1 against any family office for failure to register as a commodity trading advisor (“CTA”), in connection with advisory services it provides to a “Family Client,” as defined by regulations promulgated by the Securities and Exchange Commission (“SEC”). 2 CFTC Letter 12-37 In the Correspondence, you extensively cite CFTC Staff Letter No. 12-37 (“Letter 12- 37”), which the Division issued in November 2012. 3 As the Division explained in Letter 12-37, a family office is, generally, a professional organization that is wholly-owned by clients in a family and is exclusively controlled (directly or indirectly) by one or more members of a family and/or entities controlled by a family (“Family Office”). Typically, a Family Office is employed when one or more direct members of a family create substantial wealth, and share that
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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.