CFTC Staff Letter 97-96: No-Action Relief from CPO and CTA Registration for Offshore Fund Investment Manager

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 November 18, 1997 Re: Request for Relief from Registration as a Commodity Pool Operator and Commodity Trading Advisor under
Section 4m(1)
This is in response to your letter dated May 6, 1997 to the Division of Trading and Markets ("Division") of the Commodity Futures Trading Commission ("Commission"), as supplemented by telephone conversations with Division staff. By this correspon￾dence, you req~est on behalf of "P" that the Division grant it relief from the commodity pool operator ("CPO") and commodity trading advisor ("CTA") registration requirements sel forth in
Section 4m(1) of the Commodity Exchange Act ("Act").l /in con￾nection with its activities on behalf of the "Fund".~
Based upon the representations made in the correspondence, we understand the relevant facts to be as follows. "P" is registered as an investment adviser under the Investment Advisers 1./ 7 U.S.C. § 6m(1) (1994). The Act is found at 7 U.S.C. § 1 et seg. (1994). Commission rules referred to are found at 17 C.F.R. Ch. I (1996). ~/ This request was initially filed on May 24, 1996 by "Q", a registered broker- dealer, investment adviser and futures commission merchant ("FCM"). It was supplemented by various correspondence with "Q", including the letter of "A", Associate Director of "Q", dated December 16, 1996, confirming certain information to Division staff. By your letter you advised us of your representation in this matter and we accordingly are treating the request as being made by you on behalf of "P". In this regard, you reaffirmed to Division the representations that "Q" previously had made to staff. Thus, for the purpose of considering your request, we are basing our response on the representations made in both the prior correspondence with "Q" and our current correspondence with you.