[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR150.4]

[Page 544-545]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 150--LIMITS ON POSITIONS--Table of Contents
 
Sec. 150.4  Aggregation of positions.

    (a) Positions to be aggregated. The position limits set forth in 
Sec. 510.2 of this part shall apply to all positions in accounts for 
which any person by power of attorney or otherwise directly or 
indirectly holds positions or controls trading or to positions held by 
two or more persons acting pursuant to an expressed or implied agreement 
or understanding the same as if the positions were held by, or the 
trading of the position were done by, a single individual.
    (b) Ownership of accounts. For the purpose of applying the position 
limits set forth in Sec. 510.2, except for the ownership interest of 
limited partners, shareholders, members of a limited liability company, 
beneficiaries of a trust or similar type of pool participant in a 
commodity pool subject to the provisos set forth in paragraph (c) of 
this section, any trader holding positions in more than one account, or 
holding accounts or positions in which the trader by power of attorney 
or otherwise directly or indirectly has a 10% or greater ownership or 
equity interest, must aggregate all such accounts or positions.
    (c) Ownership by limited partners, shareholders or other pool 
participants. For the purpose of applying the position limits set forth 
in Sec. 150.2:
    (1) A commodity pool operator having ownership or equity interest of 
10% or greater in an account or positions as a limited partner, 
shareholder or other similar type of pool participant must aggregate 
those accounts or positions with all other accounts or positions owned 
or controlled by the commodity pool operator;
    (2) A trader that is a limited partner, shareholder or other similar 
type of pool participant with an ownership or equity interest of 10% or 
greater in a pooled account or positions who is also a principal or 
affiliate of the operator of the pooled account must aggregate the 
pooled account or positions with all other accounts or positions owned 
or controlled by that trader, provided, however, that the trader need 
not aggregate such pooled positions or accounts if:
    (i) The pool operator has, and enforces, written procedures to 
preclude the trader from having knowledge of, gaining access to, or 
receiving data about the trading or positions of the pool;
    (ii) The trader does not have direct, day-to-day supervisory 
authority or control over the pool's trading decisions; and
    (iii) The trader, if a principal of the commodity pool operator, 
maintains only such minimum control over the commodity pool operator as 
is consistent with its responsibilities as a principal and necessary to 
fulfill its duty to supervise the trading activities of the commodity 
pool;
    (3) Each limited partner, shareholder, or other similar type of pool 
participant having an ownership or equity interest of 25% or greater in 
a commodity pool the operator of which is exempt from registration under 
Sec. 4.13 of this chapter must aggregate the pooled account or positions 
with all other accounts or positions owned or controlled by that trader.
    (d) Trading control by futures commission merchants. The position 
limits set forth in Sec. 150.2 of this part shall be construed to apply 
to all positions held by a futures commission merchant or its separately 
organized affiliates in a discretionary account, or in an account

[[Page 545]]

which is part of, or participates in, or receives trading advice from a 
customer trading program of a futures commission merchant or any of the 
officers, partners, or employees of such futures commission merchant or 
its separately organized affiliates, unless:
    (1) A trader other than the futures commission merchant or the 
afffilate directs trading in such an account;
    (2) The futures commission merchant or the affiliate maintains only 
such minimum control over the trading in such an account as is necessary 
to fulfill its duty to supervise diligently trading in the account; and
    (3) Each trading decision of the discretionary account or the 
customer trading program is determined independently of all trading 
decisions in other accounts which the futures commission merchant or the 
affiliate holds, has a financial interest of 10% or more in, or 
controls.
    (e) Call for information. Upon call by the Commission, the Director 
of the Division of Market Oversight or the Director's delegatee, any 
person claiming an exemption under paragraphs (c) or (d) of this section 
must provide to the Commission such information as specified in the call 
relating to the positions owned or controlled by that person, trading 
done pursuant to the claimed exemption, or the relevant business 
relationships supporting a claim of exemption.

[64 FR 24047, May 5, 1999, as amended at 67 FR 62353, Oct. 7, 2002]