CFTC Staff Letter 93-102: No-Action Relief for US Director of Offshore Commodity Pools

COMMODITY FUTURES TRADING COMMISSION 2033 K Street, NW, Washington, DC 20581 (202) 254-8955 (202) 254-8010 Facsimile -DM~F TRADING AND ~ETS \ I

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  Dear
  October 7, 1993
  Re: Request for Relief from Commodity Pool Operator Registration ~rhis is in response to your letter dated September 20, 1993, to the Division of Trading and Markets ("Division"), wherein you requested that the Division not recommend that the Commission take any enforcement action against "A" for failure to register as a commodity pool operator ("CPO") in connection with his serving as a director of "U", "V" and "W" (collectively the "Funds"). Based upon the representations made in your letter, we understand the facts to be as follows. The Funds are organized as "Z" corporations. "A" is one of three directors of "U", one of three directors of "V" and one of seven directors of "W". "A" is the only director of the Funds who i~ a United States citizen or resi.dent. All actions by and all meetings of the Board of Directors of the Funds will take place outside of the United States. Participants in the Funds will not include any United States persons.! "A", the Funds, and any person affiliated therewith will not undertake any marketing activity for the purpose of, or that could reasonably be expected to have the effect of, soliciting participations from UniteJ States persons. "T" will act as administrator to the Funds in "Z", where the principal books and records of the Funds will be maintained. Based upon our review of the representations set forth in your letter and the Division's prior positions, we believe that 11 The definition of "United States person" as set forth in Division of Trading and Markets Interpretative Letter No. 92-3 [CUrrent Transfer Binder] Comm. Fut. L. Rep. (CCH) , 25,221 (January 29, 1992) applies tor purposes of this correspondence. l f-·