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CPO and CTA Filing RequirementsMarch 19, 2015
Tracey Hunt, Associate Director, ComplianceMary McHenry, Associate Director, ComplianceCesar Alvarez, Deputy Chief Compliance Officer, Lighthouse Partners
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Pool Quarterly Reports and Form PR
Form and Process CFTC Form
Process for making changes
How Help Text is developed
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Pool Quarterly Reports and Form PR
NFA’s review and use of PQRs and PRs Compliance department structure Risk analysis Relationship data ROR vs. net income Conversations between firm and NFA staff
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Managing a firm’s regulatory filings
Role of Compliance and other groups/areas
Process
Documenting assumptions
Reconciliations
Responding to NFA staff inquiries
CPO’s Approach to Filings
June 30, 2014 filing, Notice to Members I-14-13 and I-14-15
September 30, 2014 filing, Notice to Members I-14-26
December 31, 2014 filing
March 31, 2015 filing
CFTC Staff Letter 14-115
Recent Changes to Forms5
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Relationships
Maintain records of the start and end dates for the various relationships
Firms can change start dates, but only NFA can change end dates
To restart a relationship that was previously ended, new start date must be after previous end date, or firm will be unable to add the relationship (see next screen)
Common Filing Deficiencies
Common Filing Deficiencies
Relationships (cont’d)
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Relationships (cont’d)
End date should be prior to reporting date if you want to remove it from that filing, i.e. if a pool incorrectly appears on the 12/31/14 CTA PR, the relationship should be ended using a date prior to 12/31/14
Trading manager relationship carries over between CPO PQR and CTA PR
Relationship Management screen
Common Filing Deficiencies8
PQR includes pools that should not have a filing requirement
Discrepancies between current and prior filings (e.g. NAV or investments)
Reporting on programs in the CTA PR
Common Filing Deficiencies9
Transferring a Pool to Another CPO
Transferring pools via the Questionnaire
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Transferring a Pool to Another CPO
Enter the name of the pool
Transferring a Pool to Another CPO12
Once the pool is selected, it will appear in your pool list The previous CPO can now delete the pool via the
questionnaire, and indicate that it no longer operates the pool
Transferring a Pool to Another CPO13
Transferring a Pool to Another CPO14
Transferring a Pool to Another CPO15
Transferring pools via the Exemption System
Search by pool name, similar to Questionnaire Once the pool is selected, it will be added to the firm’s list
and the co-CPO column will include “View Firms”
Now the previous firm can remove itself as a co-CPO by selecting the applicable pool on the Exemption Index
The Pool/Exemption Management screen allows the firm to end the co-CPO relationship
Transferring a Pool to Another CPO16
Transferring a Pool to Another CPO17
Exemptions do not always carry over and must be filed by each CPO, as applicable
Do not create a new pool—the historical information will not transfer
If the transfer involves a non-member, you must email NFA at [email protected]
Transferring a Pool to Another CPO18
New cover page in EasyFile
Required questions specific to the pool and its operations
One new Key Financial Balance, Redemptions Receivable from Other Funds
NFA Notice to Members I-15-09
Annual Report Filing Requirements19
CFTC Letter No. 13-51, Consolidation between Registered Investment Companies and Wholly Owned subsidiaries Firm must update NFA records, in accordance with Notice
to Members I-13-36
CFTC Letter No. 14-112, Consolidation between Certain Commodity Pools and Wholly Owned Subsidiaries Currently annually updated by NFA Proposed exemption filing with NFA
Consolidation 20
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Update the Annual Questionnaire to delete or cease a pool, and provide specifics
Liquidation Statements
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“Ceased Trading” date
Liquidation Statements
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Impact on PQRs Disclosure to pool participants Audited by CPA unless waivers are obtained Required components of a liquidation statement Circumstances that do not represent a “liquidated pool”
Switching from 4.7 to 4.13 exempt pool Ceased trading commodity interests Temporary cessation of trading
Other regulatory requirements other than CFTC
Liquidation Statements
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CFTC relief for CTA PR filing
Third-party recordkeeping rules
Fund-of-Fund guidance
Exemption/exclusion annual affirmation process
CFTC FAQs
CPO and CTA Hot Topics
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NFA’s website: www.nfa.futures.org Form PQR and Form PR templates updated quarterly 2014 Tutorial, “Common PQR Filing Deficiencies” 2013 Webinar, “Quarterly Reporting Requirements for CTAs”
Technical Support [email protected] [email protected]
NFA’s Information Center (800) 621-3570, or (312) 781-1410
Resources
Thank you.
