Federal Register / Vol. 76, No. 96 / Wednesday, May 18, 2011 / Rules and Regulations 28641 

1 17 CFR 4.12 and 4.13. Commission regulations 

may be accessed through the Commission’s Web 

site, at http://www.cftc.gov. 

2 75 FR 54794. 

3 7 U.S.C. 1 et seq. (2006), as amended by The 

Dodd Frank Wall Street Reform and Consumer 

Protection Act. Public Law 111–203, 124 Stat. 1376 

(2010). The Act similarly may be accessed through 

the Commission’s Web site. 

4 75 FR 54794. 

5See 75 FR 54794, at 54794–95. The Commission 

explained the origin and use of the term 

‘‘Commodity ETF’’. 

6 Id. at 54795–96. 

7Public Law 107–204, 116 Stat. 745, enacted July 

30, 2002. See Section 10A(m) of the Securities 

Exchange Act of 1934 (Exchange Act), 78j–1(m) 

(2006), and Rule 10A–3 under the Exchange Act, 17 

CFR 240.10A–3 (2010). 

8 75 FR at 54795. 

9See 75 FR at 54796–98. 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2010–1027; Airspace 

Docket No. 10–AGL–15] 

Amendment of Class E Airspace; 

Indianapolis Executive Airport, IN 

Correction 

In rule document 2011–9404 

appearing on pages 22013–22014 in the 

issue of Wednesday, April 20, 2011, 

make the following corrections: 

§ 71.1 [Corrected] 

■ 1. On page 22014, in the second 

column, on the 4th line from the bottom 

of the page, ‘‘86°102′7′′ W’’ should read 

‘‘86°10′27′′ W’’. 

■ 2. On the same page, in the third 

column, on the 4th line from the top of 

the page, ‘‘86°092′0′′ W’’ should read 

‘‘86°09′20′′ W’’. 

[FR Doc. C1–2011–9404 Filed 5–17–11; 8:45 am] 

BILLING CODE 1505–01–D 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 4 

RIN 3038–AC46 

Commodity Pool Operators: Relief 

From Compliance With Certain 

Disclosure, Reporting and 

Recordkeeping Requirements for 

Registered CPOs of Commodity Pools 

Listed for Trading on a National 

Securities Exchange; CPO Registration 

Exemption for Certain Independent 

Directors or Trustees of These 

Commodity Pools 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Final rule. 

SUMMARY: The Commodity Futures 

Trading Commission (Commission or 

CFTC) is adopting amendments to its 

regulations as they affect certain 

commodity pool operators (CPOs) of 

commodity pools whose units of 

participation are listed and traded on a 

national securities exchange 

(Amendments). Specifically, this action 

codifies the relief from certain 

disclosure, reporting, and recordkeeping 

requirements that Commission staff 

previously had issued to these CPOs on 

a case-by-case basis. It also codifies 

relief from the CPO registration 

requirement for certain independent 

directors or trustees of actively-managed 

commodity pools that Commission staff 

similarly has issued. 

DATES: Effective date: June 17, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Christopher W. Cummings, Special 

Counsel, Division of Clearing and 

Intermediary Oversight, or Barbara S. 

Gold, Associate Director, Division of 

Clearing and Intermediary Oversight, 

Commodity Futures Trading 

Commission, 1155 21st Street, NW., 

Washington, DC 20581, telephone 

number: (202) 418–5450; facsimile 

number: (202) 418–5528; and electronic 

mail: ccummings@cftc.gov, or 

bgold@cftc.gov, respectively. 

SUPPLEMENTARY INFORMATION: 

I. Background 

In order to make generally available 

the relief that Commission staff 

previously had issued on a case-by-case 

basis to individual CPOs of publiclyoffered, exchange-listed pools, on 

September 9, 2010, the Commission 

published in the Federal Register 

proposed amendments to its Regulations 

4.12 and 4.13 1 (Proposing Release).2

The Proposing Release commenced by 

explaining the history and background 

of the regulation of CPOs by the 

Commission under the Commodity 

Exchange Act (Act) 3 and the 

background and development of various 

statutory and regulatory provisions 

granting relief from CPO regulation. 

With respect to this relief the 

Commission stated: 

In implementing its statutory mandate to 

regulate the activities of CPOs, the 

Commission has endeavored to refine its 

regulations as appropriate to respond to 

changing market conditions in a manner 

consistent with customer protection. In 

addition to the issuance of relief by 

Commission staff on a case-by-case basis to 

facilitate application of regulatory 

requirements to new market conditions, the 

Commission has provided certain 

exemptions for registered CPOs from various 

of the requirements of Part 4 of its 

regulations, and where appropriate, it has 

provided exemptions from the CPO 

registration requirement itself.4

The Proposing Release then went on 

to discuss the relatively recent 

development of publicly-offered 

commodity pools with units of 

participation listed on a national 

securities exchange (Commodity ETFs) 5

and to describe the numerous similar 

requests for relief from CPOs of 

Commodity ETFs that Commission staff 

had received, and to which they had 

favorably responded (Prior Relief 

Letters).6 Because the requests for relief 

and the Prior Relief Letters the staff had 

issued in response thereto had become 

fairly standardized and routine, the 

Commission proposed to amend the 

relevant regulations so as to make the 

relief generally available to all CPOs 

who meet the requisite criteria. 

Thus, the Commission proposed 

adding new paragraph (c) to Regulation 

4.12 that, subject to specified 

conditions, would permit the CPO of a 

Commodity ETF to claim relief from the 

specific Disclosure Document delivery 

and acknowledgment requirements of 

Regulation 4.21, the monthly Account 

Statement delivery requirement of 

Regulation 4.22, and the requirement to 

keep the CPO’s books and records at its 

main business address in Regulation 

4.23. In addition, the Commission 

proposed, subject to certain conditions, 

to exempt from CPO registration an 

independent director or trustee of a 

Commodity ETF, where that person was 

required to serve as a director or trustee 

solely for purposes of constituting and 

maintaining the audit committee 

required for actively-managed public 

companies (including actively-managed 

Commodity ETFs) under provisions of 

the Sarbanes-Oxley Act of 2002 7 (and 

Securities and Exchange Commission 

rules and exchange listing requirements 

adopted pursuant thereto) by adding 

new paragraph (a)(5) to Regulation 4.13. 

As the Proposing Release explained, 

then, the Commission’s actions were 

intended to respond to financial market 

developments in the limited context of 

CPOs whose units of participation in the 

pools they operated were listed for 

trading on a national securities 

exchange.8 The specific changes that the 

Commission proposed, as well as the 

rationale for those proposed changes, 

are set forth in the Proposing Release.9

In light of the generally favorable 

comments it received (discussed in 

Section II below), the Commission is 

adopting the Amendments essentially as 

proposed. In this regard, however, and 


wwoods2 on DSK1DXX6B1PROD with RULES_PART 1