CFTC Staff Letter 94-65: No-Action Relief from CPO Registration for Offshore Pool Directors

..>!VISION OF
TRADING AND MARKETS
Dear
COMMODITY FUTURES TRADING COMMISSION 2033 K Street, NW, Washington, DC 20581 (202) 254.8955 (202) 254 • 8010 Facsimile June 22, 1994 Re: Limited -- Request for Relief from CPO Registra￾tion This is in response to the letter of "V" dated April 27, 1994, as supplemented by letter dated June 9, 1994 and telephone conversations with Division staff, in which "V" requests in connection with the operation of (the "Fund") that the Division of Trading and Markets ("Division") not recommend any enforcement action to the Commission against "W", the Fund or any persons serving on the Fund's board of directors ("Directors") if under the circumstances set forth below none of the Directors registers as a commodity pool operator ("CPO"). Based upon the representations made in your letter, as supplemented, we understand the relevant facts to be as follows. The Fund invests and trades in a variety of financial invest￾ments, including commodity futures contracts and options thereon. "W", a registered commodity trading advisor and a member of the U.K. Investment Management Regulatory Organization Limited, acts as the Fund's investment manager. As the Fund's investment manager, "W" has arranged for "X" and its affiliates to act as the placement agents for the Fund. Participation in the Fund is currently limited to investment by non-United States persons.~/ However, the Fund plans to ~I In your letter, as supplemented, you use the definition of the term "United States person" 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).