Notices to Members
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December 20, 2013
Important Notice Regarding Applicability of CFTC No-Action Letter 13-51 Regarding Consolidation of Pool Annual and Quarterly Reports by Pools and Wholly Owned Subsidiaries
On September 5, 2013, the Commodity Futures Trading Commission (CFTC) issued No-Action Letter 13-51, which permits a CPO of an Investment Company Registered under the Investment Company Act of 1940 (RIC) that trades commodity interests through a wholly owned subsidiary to report for that RIC and the wholly owned subsidiary on a consolidated basis when complying with financial reporting requirements under CFTC Regulations 4.22(c) and 4.27(c). The relief provided under CFTC No-Action Letter 13-51 only permits consolidated reporting for a RIC and its wholly owned subsidiary. The relief does not permit a CPO that operates a non-RIC pool that trades commodity interests through a wholly owned subsidiary to report for that non-RIC pool and the wholly owned subsidiary on a consolidated basis.
A CPO of a non-RIC pool with a wholly owned subsidiary may, however, request relief from the CFTC to consolidate a non-RIC pool with its wholly owned subsidiary for purposes of complying with CFTC Regulations 4.22(c) and 4.27(c). Relief requests should be sent via email to dsionoaction@cftc.gov. Any CPO granted relief must provide NFA with a copy of the CFTC approval letter in order for NFA to update its records and eliminate any unnecessary requests for financial filings. Unless the CPO is granted relief by the CFTC, the CPO must file with NFA a separate quarterly report and annual report for the pool and its wholly owned subsidiary.
If you have any questions, please do not hesitate to contact Tracey Hunt, Associate Director, Compliance (thunt@nfa.futures.org or 312-781-1284) or Mary McHenry, Associate Director, Compliance (mmchenry@nfa.futures.org or 312-781-1420).