RegAlert2015-05-08 | CFTC Staff Letter 15-46Added · Updated
CFTC Staff Letter 15-46: No-Action Relief for CPO Registration of UCITS with U.S. Employee Seed Capital
The Division of Swap Dealer and Intermediary Oversight will not recommend enforcement action against entity A for failing to register as a commodity pool operator for its Luxembourg-based UCITS fund B and its subfunds, provided that U.S. management employees and their immediate families are the only U.S. persons investing seed capital. This relief is conditional upon the prohibition of marketing in the United States, the requirement that participating U.S. employees are beneficial owners, and the redemption of these investments within two years of inception or the letter's date. Additionally, entity A must notify the Division via email within 30 days of any new subfund launch involving such seed capital.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-6700
Facsimile: (202) 418-5407 tsmith@cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Thomas J. Smith
Acting Director
CFTC Letter No. 15-46
No-Action
May 8, 2015
Division of Swap Dealer and Intermediary Oversight RE: “A”, operator of “B” Dear :
This letter is in response to your letter dated December 10, 2012, (“Correspondence”) to the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”) on behalf of “A”, the operator of “B”. 1 In the Correspondence, you request confirmation that the Division will not recommend enforcement action against “A” for failure to register as a CPO with respect to its activities related to “B”, pursuant to Section 4m(1) of the Commodity Exchange Act (“CEA”), due to the investment of U.S. management employees in funds operated by “A”. 2
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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.