CFTC Staff Letter 95-109: No-Action Position on CPO and CTA Registration for Luxembourg Management Company and US Investment Adviser

U.S. COMMODITY FUTURES TRADING COMMISSION Three Lafayette Centre 1155 21st Street, NW, Washington, DC 20581 Telephone: (202} 418-5430 Facsimile: (202} 418-5536 DIVISION OF TRADING & MARKETS Dear November 29, 1995 Re: Section 4m(1) of the Commodity Exchange Act ("Act") Request for No-Action Position with respect to Failure of United States Investment Advisor, Offshore Investment Management Company and United States Directors of Man￾agement Company To Register as a Commodity Pool Operator ("CPO") or as a Commodity Trading Advisor ( "CTA") with respect to Offshore Pools This is in response to your letter dated September 1, 1995 to the Division of Trading and Markets (the "Division") of the Commodity Futures Trading Commission (the "Commission"), as supplemented by a facsimile transmission dated September 11, 1995 from "A11 of your office, your facsimile transmissions dated October 16, October 19 and October 26, 1995 and by telephone conversations with Division staff. By your letter, as supplemented, you request relief from: (1i; the CPO registration requirements of Section 4m(1) of the Act- on behalf of (the 11 Adviser"), (the "Manage￾ment Company") , and the current and future directors of the Management Company; and (2) the CTA registration requirements of
Section 4m(1) on behalf of the Adviser and the Management Company,
all in connection with the operation of, and the provision of commodity interest trading advice to, three existing funds that are identical except for their respective non-United States investors ( 11 X", "Y" and "Z" I referred to collectively herein as the "Funds") I as well as similarll identical funds to be offered in the future (the "New Funds").~ · .l/ 7 U.S.C. § 6m(1) (1994). ~/ "X'' was specifically referred to in your original letter. The two other Funds have been offered subsequent to the date of your original letter: Each of the New Funds will have the same structure, principals, management and investment objectives and policies as the Funds, (~, they each will be operated by the (continued ... )