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ARTICLE · 23 MARCH 2018

CFTC Denies Request By CPO For Reporting Relief

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According to the CPO, the pool participants agreed to waive their rights to receive audited financial statements.

United StatesFinance and Banking
Robert Zwirb
Robert Zwirb
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The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") denied a request by a commodity pool operator ("CPO") for no-action relief from filing an annual report containing audited financial statements.

CFTC Rules 4.7(b)(3) and 4.22(d)(1) require a CPO to file with the National Futures Association an annual report with financial statements that have been audited by an independent public accountant. The annual report must be filed within 90 days of the earlier of (i) the end of a pool's fiscal year and (ii) the date on which the pool ceases trading. The CPO represented that it operated three pools, all of which suffered significant losses and ultimately ceased trading on February 8, 2018. The CPO requested approval to distribute annual reports containing only unaudited financial statements for the purpose of maximizing final distributions for participants. According to the CPO, the pool participants agreed to waive their rights to receive audited financial

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