May 26, 2020

Form CPO-PQR Relief for CPOs (Commodity Pool Operators) to Certain Exempt or Excluded Pools

On September 8, 2014, the DSIO issued CFTC Letter No. 14-115 (Letter 14-115), which grants exemptive relief from the requirement to file a Form CPO-PQR under CFTC Rule 4.27(c), where the CPO is registered but only operates pools pursuant to a claim of exemption from registration under CFTC Rule 4.13(a)(3) or for which the CPO maintains an exclusion from the definition of CPO under CFTC Rule 4.5. The relief is being granted since these CPOs only operate pools for which they do not have a reporting requirement. Reporting on a Form CPO-PQR would provide limited additional information regarding such CPOs beyond what is already available to the CFTC as part of the registration process and the CPO's ongoing obligations as a registrant.

A link to Letter 14-115 can be found here.

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About this Author

Joseph Mannon, Investment Lawyer, Vedder Price Law Firm

Joseph M. Mannon is a member of Vedder Price P.C.’s Investment Services group.

Mr. Mannon focuses his practice on legal and compliance matters for investment advisers, mutual funds, closed-end funds and unregistered vehicles such as hedge funds, hedge fund of funds and other investment entities.  With regard to unregistered vehicles, he frequently counsels clients on fund formation and structuring matters for funds organized both in the United States and abroad.  He also counsels clients on issues relating to commodity trading advisers and...

Nicole M. Kuchera, Investment Services Attorney, Vedder Price law firm

Nicole M. Kuchera is an Associate at Vedder Price and a member of the Investment Services group in the firm’s Chicago office.

Ms. Kuchera counsels commodities, securities and derivatives professionals, such as hedge funds, investment advisers, commodity pool operators (CPOs), commodity trading advisors (CTAs), futures commission merchants (FCMs), retail foreign exchange dealers (RFEDs), introducing brokers (IBs), swap dealers (SDs), forex (FX) firms, proprietary trading firms, binary options trading firms and broker-dealers (BDs), in day-to-day legal matters. She also drafts private disclosure documents, subscription materials, compliance manuals, corporate documents, contracts/trade agreements and advertising materials; conducts and oversees blue sky due diligence, filings and rescissions; and provides guidance concerning master-feeder structures, domestic and foreign funds, and international offerings.