On February 20, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued Exemptive Relief Letter 18-05, which granted relief to a commodity pool operator (CPO) of a commodity pool operated as a “fund of funds.” The Letter provided the CPO with additional time after the end of each calendar quarter to distribute quarterly statements to pool participants, as required under CFTC regulation 4.7(b)(2), due to delays in receiving financial reports from underlying funds in which the pool invested.

The relief is conditioned on the CPO (1) distributing to all pool participants within 45 calendar days of the end of each month an account statement that includes all of the information required under CFTC regulation 4.7(b)(2) and that is signed and affirmed in accordance with CFTC regulation 4.22(h), and (2) informing current and prospective pool participants that such accounts statements will be provided within 45 calendar days after the end of the covered month.

CFTC Letter No. 18-05 is available here.