RegAlert1996-05-15 | CFTC Staff Letter 96-43Added · Updated
CFTC Staff Letter 96-43: No-Action Relief for Registered CPO Advising Rule 4.5 and 4.7 Clients
The Division of Trading and Markets declines to recommend enforcement action against a registered commodity pool operator for failing to register as a commodity trading advisor when providing advice to a registered investment company, a pension plan group trust, qualified eligible clients, and four new commodity pools. This relief applies provided the entity maintains its registration as a commodity pool operator and investment adviser, complies with specific recordkeeping requirements for qualified eligible clients, and ensures that personnel soliciting investors in the new pools are registered as associated persons. The Division explicitly states that this position does not excuse compliance with other applicable statutory requirements, including antifraud provisions, reporting obligations, and operational rules.
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U.S. COMMODITY FUTURES TR4DI~G CO~Ml~ON Three Lafayette Centre ~ (. E j y - IS"'. t 0 N 1155 21st Street, NW, Washingto~. DC ~~C~DR Telephone: (202) 41~;543_0 · Facsimile: (202) 41 li~B 2 ~ fH , DIVISION OF 1RADING & MARKETS Re:
Dear
May 15, 1996
Request for Confirmation of Continued Relief from Conunodity Trading Advisor ("CTA") Registration Requirements for Registered Conunodity Pool Operator ("CPO") that Advises Rule 4.5 and Rule 4.7 Clients and Four Pools Operated by the CPO N This is in response to your letter dated January 16, 1996 to the Division of Trading and Markets (the "Division") of the Conunodity Futures Trading Conunission (the "Conunission"), as supplemented by your letters dated March 18, 1996, April 3, 1996 and April 16, 1996 and by telephone conversations with Division staff. By your correspondence you request on behalf of "X", a registered CPO that intends to form and operate four conunodity pools (the "Pools"), confirmation of the following:
(1) exemF,t.ion of "X" pursuant to Conunission Rule 4.14(a) (8)-1 from the requirement to register as a CTA with respect to providing conunodity interest trq.ding advice to "V", a registered investment company~.! for which the n~t ice of eligibility required by Rule 4.5 has been filed;- ~/ Conunission Rules referred to herein are found at 17 C.F.R. Ch. I Part 4 (1995), as amended Qy 60 Fed. Reg. 38146 (July 25, 1995). ~/ "V" is an open-end investment company registered with the Securities and Exchange Conunission pursuant to the Investment Company Act of 1940 (the "Company Act"), 15 U.S.C. §§ 80a-1, et ~· (1994) . ~/ Conunission records indicate that this notice was filed on July 2, 1985 under "V's" previous name ("Y").
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Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.