CFTC Staff Letter 96-63: No-Action Relief from CPO Registration for US Director of Offshore Funds

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 1RADING & MARKETS Dear April 25, 1996 Re: Section 4m(1) -- Request for No-Action Relief from Commodity Pool Operator Registration for United States Director of Offshore Funds This is in response to your letter dated March 19, 1996 to the Division of Trading and Markets ("Division") of the Commodity Futures Trading Commission ("Commission"), as supplemented by telephone conversations with Division staff. By your correspon￾dence, you request relief from commodity pool operator ("CPO") registration/pursuant to Section 4m(1) of the Commodity Exchange Act ("Act")l. on behalf of "A" in connection with 9:i.s serving as a director of certain offshore funds ("Funds").-/ Based upon the representations made in your correspondence, we understand the relevant facts to be as follows. The Funds are incorporated under the laws of the Commonwealth of the Bahamas. The Funds' principal place of business is in Bahamas. "A" is the only member of the bo~~d of directors of the Funds who is a United States person.-/ He is listed as a principal of "X" and "Y" and registered as an associated person and listed as a principal of "Z". "A" is a member of the board of direc.tors of each Fund. Interests in any Fund will not be held directly or indirect￾ly by any United States person, and no Fund will contain any capital directly or indirectly contributed from sources within 1./ 7 U . S . C . § 6m ( 1 ) ( 19 9 4 ) . 2../ These offshore funds are "P", "Q", "R", "8", "T", "U", "V" and "W". J./ For the purpose of this letter, the term "United States person" has the same meaning as that set forth in Division of Trading and Markets Interpretative Letter 92-3, [1990-1992 Transfer Binder] Comm. Fut. L. Rep. (CCH) ,25,221 (January 29,
1992) .