CFTC Grants Reporting Relief To Operator Of Non-U.S. Commodity Pools

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") granted relief to a commodity pool operator ("CPO") from certain reporting requirements under CFTC Rule 4.7. As part of a seeding arrangement, the CPO operates non-U.S. pools, in which its parent company invests from its general account assets. The funds managed by the CPO are organized under the laws of various European jurisdictions.

The DSIO agreed to provide relief from the following requirements:

Under CFTC Rule 4.7(b)(1), a CPO is required to include a certain disclaimer on the cover of an offering document or, alternately, above the signature block of each investor's subscription agreement. The CPO represented that this requirement would (i) be costly and time-consuming, as the CPO would need to receive approval from the pool's home country regulator to add such language, (ii) be unfamiliar to investors, and possibly cause confusion, placing the CPO at a competitive disadvantage, and