WASHINGTON - The Commodity Futures Trading Commission's Market Participants Division today announced it has issued a no-action letter to the Managed Funds Association submitted on behalf of its members. The letter states MPD will not recommend the CFTC initiate an enforcement action against firms registered as investment advisers with the Securities and Exchange Commission, who operate commodity pools privately offered solely to sophisticated investors known as qualified eligible persons, for failing to register with the Commission as a commodity pool operator, subject to certain conditions.