8-1720. Commodity merchant; board of trade; requirements.
145 words·~1 min read·
/ne/chapter-8/8-1720A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)No person shall engage in a trade or business or otherwise act as a commodity merchant unless such person
(a)is registered or temporarily licensed with the Commodity Futures Trading Commission for each activity constituting such person as a commodity merchant and such registration or temporary license shall not have expired or been suspended or revoked or
(b)is exempt from such registration by virtue of the Commodity Exchange Act or of a CFTC rule.
(2)No board of trade shall 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 such board of trade has been so designated for such commodity contract or commodity option and such designation shall not have been vacated, suspended, or revoked.