CFTC Staff Letter 95-39: No-Action Relief from CPO Registration for Fund Restructuring

DIVISION OF
TRADING AND MARKETS
COMMODITY FUTURES TRADING COMMISSION 2033 K Street, NW, Washington, DC 20581 (202) 254- 8955 (202) 254- 8010 Facsimile December 5, 1994 Re: Request for No-Action Relief from CPO Registration Dear This is in response to your letter dated October 11, 1994, to the Division of Trading and Markets ("Division") of the Commodity Futures Trading Commission ("Commission") , as supplemented by facsimiles received on November 1, 1994, and November 15, 1994, and telephone conversations with Division staff. By your letter you request that the Division grant you relief from commodity pool operator ("CPO") registration requirements in connection with the operation of the "Fund", as explained more fully below. Based upon the representations made in your letter, as supplemented, we understand that the facts are as follows. You have been a member of the Chicago Mercantile Exchange ( "CME") since
1976. You were a }\ember of the Chicago Board of Trade ( "CBT") from
1976 until 1993.1/ You were registered as a floor broker ("FB") from 1978 until 1982 and have been continuously registered as a FB since April of 1985. However, except as described below with respect to the Fund, you do not purchase or sell futures contracts for others on an exchange trading floor. The Fund is a commodity pool organized as a Florida general partnership which has been in operation since approximately May 25,
1993. It is operated by;'/ "A", who is exempt from CPO registration
under Rule 4.13(a)(1).~ As the Fund's operator, "A" has deliv￾ered to each participant ("Participant") the statement required by Rule 4.13(b), has filed the statement with the Commission and the National Futures Associatiol'). ("NFA") and is operating the Fund in compliance with Rule 4.13.~/ 1/ Specifically, you sold your CBT membership on August 26, 1993. ~/ Commission rules referred to herein are found at 17 C.F.R. Ch. I (1994). ~/ Commission records indicate that "A" filed a claim of exemption under Rule 4.13 on May 26, 1993.