RegAlert2017-07-13 | CFTC Staff Letter 17-42Added · Updated
CFTC Staff Letter 17-42: No-Action Relief from CPO Registration for Entity B via Delegation to Entity A
The Division of Swap Dealer and Intermediary Oversight grants no-action relief to entity B, allowing it to operate as a Commodity Pool Operator without registering, provided it delegates its CPO responsibilities to registered entity A. This relief applies despite the entities not being under common control, contingent upon a legally binding agreement establishing joint and several liability for violations of the Commodity Exchange Act. The Division will not recommend enforcement action against B for failure to register, subject to the accuracy of the representations regarding A's registration status, asset management, and record-keeping in the United States.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000 eflaherty@cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Eileen T. Flaherty
Director
CFTC Letter No. 17-42
No-Action
July 13, 2017
Division of Swap Dealer and Intermediary Oversight Re: Request For No-Action Relief from the Requirement to Register as a Commodity Pool Operator under Section 4m(1) of the Commodity Exchange Act Dear :
This is in response to your letter dated May 23, 2017 to the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission” or “CFTC”). In the letter, you request, on behalf of “A” and “B”, that “B” receive relief from the requirement to register with the Commission as a commodity pool operator (“CPO”) under section 4m(1) of the Commodity Exchange Act (“Act”)1 in connection with its role as a director of certain commodity pools (“Pools”). Instead, you state that “B” will delegate certain of its responsibilities as the CPO of the Pools to “A” pursuant to the applicable requirements of CFTC Staff Letter No. 14-126 (“Letter 14-126”),2 except for criterion 6 therein as discussed below.3 Background
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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.