All Letters

91-01 ; Regulation 4.31; No-Action
The Division of Trading and Markets permitted a CTA which was 90% owned by a second CTA but which operated independently and used its own trading system to not disclose the past performance of the second CTA in its Disclosure Document. (T&M)

91-03 ; Section 4e; No-Action
The Division of Trading and Markets permitted an employee of a partnership to trade commodity interests for the partnership’s proprietary account without registering as a CTA, pending effectiveness of the employee’s floor broker registration. (T&M)

91-04 ; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to the U.S. directors of an offshore fund, where all the directors were registered as APs. The Division also provided CTA registration relief under these circumstances. (T&M)

91-05 ; Regulation 4.5; No-Action
The Division of Trading and Markets granted CPO registration no-action relief to the Board of Trustees of an employee welfare benefit plan, where the plan’s assets would be invested in commodity interests for hedging purposes. (T&M)

91-1 OETF ; Sections 4(a) and 4c and Regulations Part 4; No-Action
The Off-Exchange Task Force granted no-action relief to GaiaCorp U.S. Limited based upon GaiaCorp's privately offered "Institutional Investors Only" Fund (made up solely of institutional investors) which will trade in off-exchange transactions for the future delivery of foreign currencies as well as off-exchange foreign currency option contracts.

91-06 ; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO registration no-action relief to two natural person general partners of a commodity pool, where two corporate general partners were registered as CPOs and the natural persons were registered as APs of one of those CPO registrants. (T&M)

91-07 ; Section 4m(1); No-Action
The Division of Trading and Markets granted CTA registration no-action relief to a registered investment adviser providing commodity interest trading advice to a foreign subsidiary in a manner solely incidental to its business of providing securities advice. (T&M)

91-1 DEA ; Sections 4a, 5a(8), 6(a), 6b, 6c, 6(b), 6(c) and Regulations 150.2 and 150.3; No-Action
The Division of Economic Analysis granted temporary no-action relief to the Chicago Board of Trade to permit it to not enforce individual month speculative position limits in soybean oil contracts to the extent that positions that exceed such position limits are spread or arbitrage positions between single months of the soybean oil futures contract outside of the spot month; provided however, that such spread or arbitrage positions, when combined with any outright positions in the single month do not exceed 1,080 contracts. This no-action position was only effective until August 31, 1991.

91-8 ; Section 5; No-Action
The Division of Trading and Markets granted no-action relief to Reuters Information Services, Inc. to permit a subsidiary of a corporation with limited liability under the laws of two foreign countries to operate a computerized system for trading foreign currencies and the U.S. dollar for actual delivery, without seeking designation as a contract market or otherwise complying with the CEA, provided that (1) the subsidiary's operation of the system is strictly limited to facilitating spot foreign currency transactions by matching buy and sell orders between its commercial bank subscribers; (2) the subsidiary does not offer a means to liquidate performance obligations entered into over the system through offset and such obligations will be terminable only through counterparty consent; and (3) the subsidiary does not involve itself in the process of transferring currency between principals aside from enabling the exchange of pre-programmed settlement instructions as described.