502A.5 - UNLAWFUL COMMODITY ACTIVITIES.

        502A.5  UNLAWFUL COMMODITY ACTIVITIES.         1.  A person shall not engage in a trade or business or otherwise      act as a commodity merchant unless the person is either of the      following:         a.  Registered or temporarily licensed with the commodity      futures trading commission for each activity constituting the person      as a commodity merchant and the registration or temporary license has      not expired, been suspended, or revoked.         b.  Exempt from such registration by virtue of the Commodity      Exchange Act or of a CFTC rule.         2.  A board of trade shall not trade, or provide a place for the      trading of, any commodity contract or commodity option required to be      traded on or subject to the rules of a contract market designated by      the commodity futures trading commission unless the board of trade      has been so designated for the commodity contract or commodity option      and the designation has not been vacated, suspended, or revoked.  
         Section History: Recent Form
         90 Acts, ch 1169, §5         Referred to in § 502A.19