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ARTICLE · 30 JULY 2021

CFTC Grants CPO Conditional Relief From Quarterly Statement Distribution Requirement

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The Market Participants Division of the CFTC granted a CPO conditional no-action relief from the requirement to deliver quarterly account statements to pool participants within a specified timeframe under CFTC Rule 4.7(b)(2).

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Market Participants Division of the CFTC (the "Division") granted a CPO conditional no-action relief from the requirement to deliver quarterly account statements to pool participants within a specified timeframe under CFTC Rule 4.7(b)(2).

CFTC Rule 4.7(b)(2) requires CPOs to distribute quarterly account statements to pool participants within 30 days after the conclusion of each quarter. The CPO had stated that in order to provide pool participants with accurate financial information, it must first receive financial information from the underlying investment vehicles. The CPO noted, however, that it does not receive this information until the last remaining days of the 30-day period, making it difficult to comply with the rule's timeframe requirement. As a result, the CPO requested a review of its alternative proposal to provide monthly account statements to pool participants within 45 days of each month-end.

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