§ 78D-5. Unlawful commodity activities.
§78D‑5. Unlawful commodity activities.
(a) No person shallengage in a trade or business or otherwise act as a commodity merchant unlesssuch person (i) is registered or temporarily licensed with the CommodityFutures Trading Commission for each activity constituting such person as acommodity merchant and such registration or temporary license shall not haveexpired, nor been suspended nor revoked; or (ii) is exempt from suchregistration by virtue of the Commodity Exchange Act or of a CFTC rule.
(b) No board of tradeshall trade, or provide a place for the trading of, any commodity contract orcommodity option required to be traded on or subject to the rules of a contractmarket designated by the Commodity Futures Trading Commission unless such boardof trade has been so designated for such commodity contract or commodity optionand such designation shall not have been vacated, nor suspended nor revoked. (1989,c. 634, s. 1.)