RegAlert1999-11-15 | CFTC Staff Letter 99-57Added · Updated
CFTC Staff Letter 99-57: Exemption from Rule 4.23(a) Books and Records Location Requirement
The Division of Trading and Markets grants R, a registered commodity pool operator, an exemption from Rule 4.23(a) allowing it to maintain required books and records at S's office in V instead of its main business office. This exemption is subject to conditions requiring R to notify the Division of any location changes, ensure records remain available for inspection, produce them at R's main office within forty-eight hours upon request, and disclose the records' location in each Fund Disclosure Document. The Division confirms that S's performance of administrative services does not cause S to become a commodity pool operator, while R retains full responsibility for compliance with all applicable recordkeeping and antifraud provisions.
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99-57
CFTC Letter No. 99-57
November 15, 1999
Exemption
Division of Trading & Markets
Re: Request for Exemption from Rule 4.23(a)
Dear :
This is in response to your letter dated May 28, 1999 to the Division of Trading and Markets ( Division ) of the Commodity Futures Trading Commission ( Commission ), as supplemented by your letter dated June 28, 1999 and telephone conversations with Division staff, concerning R , registered commodity pool operator ( CPO ), and its operation of the Fund , 1 for which S provides administrative services. By your correspondence, you request an exemption from the requirement of Rule 4.23(a) that R must maintain the books and records specified in that rule at its main business office, such that these books and records may be maintained at S s office. 2 Based upon the representations that you have made in your correspondence, we understand the facts to be as follows. R s main business office is located in V . 3 Pursuant to a delegation agreement between S and R , S will provide certain accounting, administration, and investor services ( Services ) to R . Accordingly, R requests that the books and records specified in Rule 4.23(a) may be maintained at S s office, which also is located in V . 4 In support of your request, you represent that, by having S perform these Services: (1) R will save time and expense; (2) the likelihood of recordkeeping errors will be reduced; and (3) investors in the Fund will incur no additional cost. Based upon the foregoing representations, the Division does not believe that granting your request would be contrary to the public interest or the purpose of Rule 4.23(a). Accordingly, under the authority delegated to it by Rule 140.98(a)(1), the Division hereby grants R an exemption from the books and records location requirement of Rule 4.23(a) such that R may maintain the books and records required under that rule at S s office in V . This exemption is, however, subject to the following conditions: (1) R must notify the Division if the location of any of the books and records required by Rule 4.23(a) changes file:///S|/Website%20Management/LegacyDataCopyasof2010-04-21/tm/letters/99letters/tm99-57.htm (1 of 3) [5/6/2010 7:14:18 PM]
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.