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The CFTC unanimously approved amendments to its regulations regarding the financial reports commodity pool operators are required to provide on their operations.
The CFTC unanimously approved amendments to its regulations
regarding the financial reports commodity pool operators are
required to provide on their operations. The amendments incorporate
into CFTC regulations relief that, to date, has been available
through exemptive or no-action letters. Among the amendments are
provisions for the use of certain additional alternative generally
accepted accounting principles, practices or standards in Annual
Reports and periodic Account Statements â€" whether
distributed as stated in CFTC Regulation 4.22 or 4.7
â€" and in Form CPO-PQR. The amendments also
provide for "stub period" relief from the Annual Report
audit requirement where the pool's first fiscal year is four
months or less and where, excluding insiders, the pool has had 15
or fewer participants who have contributed no more than $3 million.
Further, the amendments provide an exemption from the Annual Report
audit requirement for the CPO of a pool whose participants during a
fiscal year are exclusively specified insiders who have a
particularly close relationship with the pool's operation.
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