09-01; Section 2(a); No-Action; January 16, 2009
Hong Kong Futures Exchange Limited’s Request for No-Action Relief in Connection with the Offer and Sale of its Mini Futures Contracts Based on the Hang Seng Index and the Hang Seng China Enterprises Index in the United States. (OGC)

09-02; Section 4m(1); No-Action; May 21, 2009
The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations. (DCIO)

09-03; Section 4m(1); No-Action; May 21, 2009
The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations. (DCIO)

09-04; Part 4; Exemption; March 26, 2009
The CPO of a commodity pool with illiquid assets requested relief from the ongoing reporting requirements under Part 4. The CPO intended to file an Annual Report for the Pool for the 2008 fiscal year, which would contain information regarding those assets. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the illiquid assets, including, but not limited to, the value of the assets and the percentage of the Pool’s NAV that the illiquid assets represent; the pertinent facts regarding the value of any liquid assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; and a representation regarding the distribution of assets on a pro rata basis to participants. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets. (DCIO)

09-05; Regulation 4.7; Exemption; April 27, 2009
The CPO of a commodity pool that operated pursuant to an exemption under Regulation 4.7 requested exemptive relief to permit it to file a final annual report for the period from January 1, 2008 through January 31, 2009. The Pool had nine participants on the date that the Trustee for the Pool determined to liquidate and a net asset value of $3X,XXX,XXX. The Pool made its final distribution to participants on January 31, 2009. DIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-06; Regulation 4.7(b)(3); Exemption; April 29, 2009
The CPO of a commodity pool requested that DCIO agree to accept the Annual Report for the period from January 1, 2008 through October 31, 2008 as the Pool’s final annual report despite the fact that the Pool had not fully liquidated due to the illiquid nature of two assets relating to the bankruptcies of two corporations. The two assets constituted less than one percent of the Pool’s net asset value and all other funds have been returned to participants. DCIO determined that the CPO satisfied its obligations under Part 4 and that as such, the Pool’s Annual Report for the period from January 1, 2008 through October 31, 2008 constituted its final Annual Report. (DCIO)

09-07; Part 4; Exemption; May 28, 2009
The CPO of a commodity pool with a de minimus amount of its assets embroiled in a bankruptcy requested relief from the ongoing reporting requirements under Part 4. The CPO filed an Annual Report for the Pool for the 2008 fiscal year, which contained information regarding the illiquid assets. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the bankruptcy and the frozen assets, including, but not limited to, the value of the assets, the percentage of the Pool’s NAV that the frozen assets represent, and the date upon which the bankruptcy petition was filed; the pertinent facts regarding the value of any assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; a representation regarding how payouts from the bankruptcy estate will be distributed to participants; i.e., whether distributions will be made as funds are received from the bankruptcy estate or whether payouts will be retained by the Pool until the final payout is received from the estate; a representation regarding any write down of the value of the claim against the bankruptcy estate; a representation regarding the distribution of assets on a pro rata basis to participants; and a representation that the financial information contained in the Pool’s liquidation report remains accurate. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets. (DCIO)

09-08; Part 4; Exemption; April 27, 2009
The CPO of a commodity pool with the majority of its assets embroiled in a bankruptcy requested relief from the ongoing reporting requirements under Part 4. The CPO filed an Annual Report for the Pool for the 2007 fiscal year, which contained information regarding the bankruptcy. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the bankruptcy and the frozen assets, including, but not limited to, the value of the assets, the percentage of the Pool’s NAV that the frozen assets represent, and the date upon which the bankruptcy petition was filed; the pertinent facts regarding the value of any assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; a representation regarding how payouts from the bankruptcy estate will be distributed to participants; i.e., whether distributions will be made as funds are received from the bankruptcy estate or whether payouts will be retained by the Pool until the final payout is received from the estate; a representation regarding any write down of the value of the claim against the bankruptcy estate; a representation regarding the distribution of assets on a pro rata basis to participants; and a representation that the financial information contained in the Pool’s liquidation report remains accurate. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets. (DCIO)

09-09; 4.22(c); Exemption; June 16, 2009
The CPO requested relief from the requirement of Regulation 4.22(c) that the Pool file a certified Annual Report within 90 days of the end of the fiscal year on December 31, 2008. The CPO requested permission to file a single, certified Annual Report for the Pool for the 16-month period from January 1, 2008 through April 29, 2009, upon which date the Pool ceased trading and began distributing funds to participants. The CPO also requested an extension of the 90-day period from July 29, 2009 to September 30, 2009. Pursuant to the authority delegated by Regulations 140.93 and 4.12(a), the Division granted relief from the Annual Report requirement of Regulation 4.22(c) for the Pool’s fiscal year ending December 31, 2008 and denied the request for relief with respect to the 90-day filing period. (DCIO)

09-10; Regulation 4.12; Exemption; May 19, 2009
The CPO of a commodity pool operated pursuant to relief under Regulation 4.12 requested relief from the requirement that an Annual Report be filed within 90-days of the permanent cessation of trading as well as relief from the requirement that an Annual Report be filed within 90-days of the end of the Pool’s fiscal year. Additionally, the CPO requested relief from the certification requirement. Instead of the foregoing, the CPO proposed that it be permitted to file a 15-month Annual Report for the period from January 1, 2008 through March 31, 2009 and that this uncertified Annual Report be considered its final Annual Report for the Pool despite the fact that the Pool remains in possession of an illiquid asset, which constitutes less than one percent of the Pool’s net asset value. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). The relief was conditioned on the CPO providing certain representations to participants including that the Pool has permanently ceased trading, that the CPO is no longer assessing fees against the Pool, a description of the illiquid asset, a description of the disposition of any income generated by the asset, and a representation that funds will be distributed on a pro rata basis. DCIO also required that the CPO file and distribute a final disclosure upon the disposition of the asset stating that the Pool has finally disposed of the asset. (DCIO)

09-11; Regulation 4.7(b)(3); Exemption; May 20, 2009
The CPO of two commodity pools requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-12; Regulation 4.7(b)(3); Exemption; April 16, 2009
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-13; Regulation 4.13(c)(2); Exemption; January 29, 2009
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a. (DCIO)

09-14; Regulations 4.22(c) and (d); Exemption; February 17, 2009
The CPO of a proprietary commodity pool (consisting only of the CPO and the CPO’s mother) requested relief from Commission Regulation 4.22(d), which requires certification of the pool’s annual report. The pool had, as of the close of its fiscal year, only $4XX,XXX in total assets, and the pool’s participants had received monthly account statements prepared by an unassociated third-party accounting firm. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-15; Regulation 4.13(c)(2); Exemption; April 22, 2009
The CPO of three commodity pools requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-16; Regulations 4.7(b)(3) and 4.22(c); Exemption; August 29, 2008
The CPO of a master fund and two feeder funds whose sole investment was in the master fund requested an interpretation or exemption with respect to the due date of the final annual report for one of the feeder funds that ceased operation as of June 30, 2008. Participants in the feeder fund that was ceasing operation exchanged their units for units in the second feeder fund. The CPO proposed that, rather than filing an annual report by September 30, 2008 for the feeder fund ceasing operation, it be permitted to file the report by March 31, 2009. The CPO claimed that the participants were not redeeming their investments, and represented further that there would be an additional cost in preparing a mid-year report because additional information from the master fund as of June 30, 2008 would be necessary. DCIO clarified that the fund did, in fact, cease operation as of June 30, 2008 and therefore its report was due within 90 days, but provided an extension of the report’s due date to March 31, 2009 on the basis that participants were transferred into a nearly identical investment and would continue to receive periodic reports on the value of their investment prior to the issuance of the fund’s final annual report. (DCIO)

09-17; Regulations 4.22(c) and (d); Exemption; January 13, 2009
The CPO of a commodity pool that commenced trading in October of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had, as of the close of its fiscal year, $1,XXX,XXX in total assets and nine participants. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of October 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d). (DCIO)

09-18; Regulation 4.13(c)(2); Exemption; March 17, 2009
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-19; Regulation 4.22(d); Exemption; February 25, 2009
The CPO requested relief from the requirement in Regulation 4.22(d) that the pool’s Annual Report be certified. The Pool began operations in December of 2007. From January 1, 2008 until December of 2008, the Pool had only 2 investors, one of whom is the CPO. In December of 2008, the Pool accepted another non-proprietary investor, bringing the total number of Pool participants as of December 31, 2008 to 3. The Pool’s total net asset value as of December 31, 2008, was approximately $1xx,xxx, roughly 42% of which was owned by the CPO. The CPO submitted waivers executed by the Pool’s 3 participants evidencing their consent to the exemption from the certified Annual Report requirement. Pursuant to the authority granted by Regulations 140.93 and 4.12(a), DCIO granted the relief subject to the condition that the CPO file and distribute a certified Annual Report for the period from January 1, 2008 through December 31, 2009. (DCIO)

09-20; Regulations 4.22(c) and (d); Exemption; February 25, 2009
The CPO of a commodity pool that commenced operations in August of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only four participants (only one of whom was non-proprietary), net capital contributions of $3XX,XXX and, as of the close of its fiscal year, $3XX,XXX in total assets. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-21; Regulations 4.22(c) and (d); Exemption; March 18, 2009
The CPO of a commodity pool that commenced operations in July of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only three participants, net capital contributions of $1XX,XXX and, as of the close of its fiscal year, $8X,XXX in total assets. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of July 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d. (DCIO)

09-22; Regulations 4.22(c) and (d); Exemption; April 9, 2009
The CPO of a commodity pool that commenced operations in September of 2008 requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only eight participants, total capital contributions of $3XX,XXX and, as of the close of its fiscal year, $6X,XXX in net asset value. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of September 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d). (DCIO)

09-23; Regulations 4.22(c) and (d); Exemption; March 27, 2009
The CPO of a commodity pool requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had only one participant, who was proprietary, until September of 2008, when the pool added a second participant, who was not proprietary. The pool’s total capital contributions amounted to $2,XXX,XXX, 77.5% of which was from the non-proprietary participant. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a), but conditioned such relief upon the future filing of a certified annual report for the period of January 1, 2008 through December 31, 2009 in accordance with Regulations 4.22(c) and (d). (DCIO)

09-24; Regulations 4.22(c) and (d); Exemption; March 11, 2009
The CPO of a commodity pool that liquidated at the close of the 2008 fiscal year requested relief from Commission Regulation 4.22 (d), which requires certification of the pool’s annual report. The pool had, at the time of liquidation, $2,XXX,XXX in total assets and nine participants. The CPO submitted signed waivers from each of the pool’s participants consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-25; Regulations 4.22(c) and (d); Exemption; March 2, 2009
The CPO of commodity pool with no participants and less than $1,XXX in total assets requested relief from Commission Regulation 4.22(d), which requires certification of the pool’s annual report. The pool’s sole participant redeemed his entire interest of $3XX,XXX in June of 2008, and the pool retained funds solely for the purpose of keeping open two checking and savings accounts. The CPO submitted a signed waiver from the pool’s participant consenting to the exemption from the certified annual relief requirement. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-26; Regulation 4.7(b)(3); Exemption; April 13, 2009
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-27; Sections 1a(6) and 4m; Interpretation; June 25, 2009
The Division of Clearing and Intermediary Oversight confirmed that a person registered as an investment adviser with the Securities and Exchange Commission: (1) would come within the CTA definition in Section 1a(6) of the Act if it offered as part of its comprehensive portfolio management a “managed futures account” component; and (2) would be required to register as a CTA with the Commission unless an exemption from registration was available to it. Based upon the facts presented to it, the Division concluded that none of the exemptions from CTA registration in Regulation 4.14 would be available to the investment adviser. The Division further offered that, assuming that none of the adviser’s customers would be in the nature of the collective investment vehicles identified in Section 4m(3) of the Act, the adviser might be able to claim the exemption from CTA registration available under that section. (DCIO)

09-28; 4.7 and 4.13; Exemption; July 8, 2009
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-29; 4.7; Exemption; July 1, 2009
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-30; 4.22; Exemption; July 1, 2009
The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a). (DCIO)

09-31; 4.7; Exemption; June 22, 2009
The CPO of a pool requested permission to file a 15-month annual report for the period from October 1, 2008 through December 31, 2009 due to a change in the pool’s fiscal year end. Pursuant to Commission Regulations 140.93 and 4.12(a), DCIO granted the relief requested. (DCIO)

09-32; 4.7; Exemption; June 26, 2009
The CPOs of two pools requested an extension of time for the filing of the pools’ 2008 annual reports beyond June 29, 2009 due to a delay in the receipt of financial statements from investee pools. DCIO determined that the interests of participants in receiving timely information outweighed the CPOs’ hardship and denied the request. (DCIO)

09-33; 4.22; Exemption; June 26, 2009
The CPO of two pools in a master-feeder structure requested stub period relief due to the liquidation of the feeder fund. Rather than file a 12-month annual report, the CPO requested permission to file an 18-month report. Pursuant to Commission Regulations 140.93 and 4.12(a), the Division granted the relief requested. (DCIO)

09-34; 4.22; Exemption; June 26, 2009
The CPO of a pool in liquidation requested relief from the certification requirement under Commission Regulation 4.22 with respect to the pool’s final annual report for the period from January 1, 2009 through May 31, 2009. The CPO provided waivers from all of the participants in the pool agreeing to an uncertified final annual report. Pursuant to Commission Regulations 140.93 and 4.12(a), the DCIO granted the relief requested. (DCIO)

09-35; 4 and 4.22; Exemption; July 8, 2009
The CPO of a commodity pool with the majority of its assets embroiled in a bankruptcy requested relief from the ongoing reporting requirements under Part 4. The CPO filed an Annual Report for the Pool for the 2008 fiscal year, which contained information regarding the bankruptcy. DCIO granted relief pursuant to Regulations 140.93 and 4.12(a), but conditioned such relief on the following representations being made to the Commission and participants: the Pool has ceased trading; the pertinent facts regarding the bankruptcy and the frozen assets, including, but not limited to, the value of the assets, the percentage of the Pool’s NAV that the frozen assets represent, and the date upon which the bankruptcy petition was filed; the pertinent facts regarding the value of any assets presently being held by the Pool that have not been distributed to participants and the reasons for their retention; a representation that no additional fees will be deducted from the assets held by the Pool; the pertinent facts regarding the disposition of any income generated by the assets held by the Pool, if any; a representation regarding whether any assets have been distributed to participants; a representation regarding how payouts from the bankruptcy estate will be distributed to participants; i.e., whether distributions will be made as funds are received from the bankruptcy estate or whether payouts will be retained by the Pool until the final payout is received from the estate; a representation regarding any write down of the value of the claim against the bankruptcy estate; a representation regarding the distribution of assets on a pro rata basis to participants; and a representation that the financial information contained in the Pool’s liquidation report remains accurate. Additionally, DCIO required that the CPO make a final disclosure to the Commission and participants upon the final disbursement of the Pool’s assets. (DCIO)