Cpo Delegation Agreement

Following the publication of the guidelines, National Futures Association (NFA) staff who entered into delegation agreements began to request, during periodic inspections of registered PSCs, not to seek action from CFTC staff. Similarly, some exchanges required copies of letters without action on applications for funding. In addition, NFA auditors have recently begun contacting CPOs as part of their review of the 2013 certified annual accounts and whether applications have been made without action. Where, in these circumstances (or otherwise after the guidelines were issued), CPOs submitted applications for exemption from the defence brief, CFTC staff generally did not respond. PSCs should review their delegation agreements in light of the criteria listed and see if updates are desirable. Those who meet the criteria listed can ask staff for discharge through a streamlined approach by filling out a letter of application in the form attached to the letter. A single exemption application can be made by a delegated CPO for several product pools. Individuals who do not meet the criteria listed must submit a formal application for exemption in accordance with the standard non-recourse procedure. Individuals who have previously applied for a formal exemption from registration and have not received a response but meet the criteria listed can apply for facilitation as part of the streamlined approach.

The letter does not affect the effectiveness of previous staff letters in facilitating the registration of the OPC for a delegated OPC. The letter is a welcome relief from the confusion and impasse that followed the publication of the guidelines. While it is not clear why individual applications for exemption from the power of appeal should be sought, rather than requiring delegation agreements1 or requiring notification1 or requiring notification (as is the case for the exercise of various registration exemptions), the letter provides for a simplified procedure when certain criteria are met, a form of application is met and submitted and the appeal is granted at an accelerated rate. [3] The Department found that the legally binding document could contain, without restriction, a separate delegation agreement, a pool document or an investment management agreement between the delegated CPO and the designated OPC. (return) In point 14-69, the frequently asked questions between CPO and CTA are clarified and completed, although letter 14-69 does not refer to the CPO/CTA-FAQ.4, item 14-69, requires that the delegated COPs not refer to the division to ensure the discharge of registration. 5 4 The letter does not address the delegation for CPOs who refer to RULE 4.13 (3) of the CFTC, so there are still no guidelines in this regard. Any delegated CPO must apply to the department for non-recourse or be included in the department to obtain a registration application. However, not all delegated CPOs can use the optimized process.

The embossed application form should only be used by CPOs whose delegation meets the criteria. CpSo, whose delegation situations do not meet the criteria and do not correspond to an exception such as Rule 4.13 (3), should instead apply for an individual application for exemption from CPO registration.