The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") granted exemptive relief to a commodity pool operator ("CPO") from the quarterly report filing requirement in CFTC Rule 4.7(b)(2).
CFTC Rule 4.7(b)(2) requires CPOs to distribute quarterly account statements to their participants within 30 days of each quarter. The CPO, which operates three pools that invest in other unaffiliated pools, stated that it cannot comply with this requirement because the unaffiliated collective investment vehicles do not provide it with the financial information necessary to prepare such statements in a timely manner. As a result of this routine delay, the CPO claimed, it does not have sufficient time to prepare and distribute its quarterly reports in accordance with the rule.
This relief allows the CPO to instead provide reports to all pool participants on a monthly basis, but within 45 days of the end of each month.
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