Form of Reply for CFTC Letters 14-75 through 14-84: No-Action on CPO Registration Relief

U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-6700
Facsimile: (202) 418-5547 gbarnett@cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Gary Barnett
Director
Form of Reply for CFTC Letter No. 14-75, 14-76, 14-77, 14-78, 14-79, 14-80, 14-81, 14-82, 14-83, and 14-84, No-Action June 2, 2014 Division of Swap Dealer and Intermediary Oversight Re: Section 4m(1) – Request for Relief from Commodity Pool Operator Registration Dear _______:
This is in response to your letter dated ____ ___, 2014 (“Letter”) to the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission”), a copy of which is attached. In the Letter, you requested relief in accordance with CFTC Staff Letter No. 14-69 on behalf of the Delegating CPO(s) named in the Letter from the requirement to register as a commodity pool operator (“CPO”) under Section 4m(1) of the Commodity Exchange Act (“CEA”) with respect to the operation of the commodity pool(s) named in the Letter (“Pool(s)”), such that the Designated CPO named in the Letter could serve as the registered CPO of the Pool(s). Based on the information provided in the Letter, including the representation that the criteria in Staff Letter No. 14-69 (“Criteria”) have been met, as supplemented by Exhibits A and B to the Letter, the Division will not recommend that the Commission commence an enforcement action against the Delegating CPO(s) for failure to register as a CPO under CEA
Section 4m(1) in connection with the operation of the Pool(s). This position is, however, subject
to the conditions that: (1) the Designated CPO serves as the CPO of the Pool(s); (2) the Designated CPO remains registered as a CPO; and (3) the Delegating CPO(s) and Designated CPO continue to meet the Criteria as represented in the Letter. This relief does not excuse the Delegating CPO(s) from compliance with any other applicable requirements contained in the CEA or in the Commission’s regulations, including, without limitation, all antifraud provisions of the CEA and the Commission’s regulations, as well as to the reporting requirements for traders in the Commission’s regulations and all applicable provisions of Part 4, including Regulations 4.20 and 4.41.