The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") rescinded no-action relief from certain reporting requirements previously granted to a commodity pool operator ("CPO") operating a master-feeder fund complex.
The relief provided for via CFTC Letter 16-47 allowed the CPO to file and distribute to pool participants unaudited financial statements. In addition, the CPO was exempted from the requirement to prepare and file a Form CPO-PQR report on the directed assets of the intermediate fund managed by the CPO. However, the CPO was still required to comply will all other applicable reporting requirements under the CEA and CFTC regulations.
As explained in CFTC Letter 18-11, the DSIO determined that the CPO failed to file or distribute any annual reports for fiscal years 2015 and 2016, which was in violation of the terms of CFTC Letter 16-47. As a result, the DSIO rescinded the relief that was previously provided to the CPO.
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