CFTC Staff Letter 93-97: No-Action Relief from CPO Registration for Offshore Company

. I
DIVISION OF

• TRADING AND MARKETS
  Dear
  COMMODITY FUTURES TRADING COMMISSION 2033 K Street, NW, Washington, DC 20581 (202) 254-8955 (202) 254- 8010 Facsimile September 28, 1993 Re: Request for Relief from CPO Registration This is in response to your letter dated July 14, 1993, as supplemented by telephone conversations with Division staff, in which you request that the Division of Trading and Markets ("Division") of the Commodity Futures Trading Commission ("Com￾mission") confirm your view that the "Company" is not required to register as a commodity pool operator ("CPO") in connection with its operation of certain offshore commodity pools (the 11 Funds") .!1 Based upon the representations made in your letter, as supplemented, we understand the relevant facts to be as follows. The Company is a corporation which serves as the CPO of the Funds. Except for you, all officers and directors of the Company are non-United States persons.!' You currently serve as one of four directors of the Company, solely for the purpose of acting as a liaison for the Company with respect to business matters which may require attention in the United States. You have agreed, however, to withdraw your membership from the Company's Board of Directors as a condition of receiving the relief you have requested.!' !I These Funds are "V", "W", "X", "Y" and "Z". Y By telephone conversation with Division staff supplementing your letter, you explained that your definition of United States person is identical to the definition we have employed in Divi￾sion of Trading and Markets Interpretative Letter No. 92-3, [1990-92 Transfer Binder] Comm. Fut. L. Rep. (CCH) , 25,221 (January 29, 1992). ! 1 You state that following such event the Company will grant you a limited power of attorney so that you may sign certain documents on the Company's behalf when specifically authorized by the Company to do so. For example, you will be given authority to sign advisory agreements with CTAs located in the United States who have been chosen by the Company to advise the Funds .