The CFTC Division of Swap Dealer and Intermediary Oversight granted exemptive relief to a CPO from the requirement to deliver quarterly account statements within 30 days after the end of each quarter, pursuant to CFTC Rule 4.7(b)(2). Instead, the CPO will be allowed to distribute quarterly account statements within 45 days of the end of each month.
Commentary / Bob Zwirb
The 30-day deadline for issuing quarterly account statements does not make sense in circumstances involving multi-pool structures. Indeed, the staff letters that address this situation effectively concede the point. Given the frequent need to provide relief in these circumstances, and the drain on staff resources, it would seem the better route would be to amend CFTC Rule 4.7(b)(2) to accommodate those pools that cannot meet the regulatory deadline for well-established reasons rather than force them to seek individualized relief.
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