645.035 Commodity merchant required to comply with federal law
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645.035 Commodity merchant required to comply with federal law.
(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 federal Commodity Futures Trading Commission for each activity constituting such person as a commodity merchant; or
(b)Is exempt from such registration by virtue of the federal Commodity Exchange Act or rules adopted by the federal Commodity Futures Trading Commission.
(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 federal Commodity Futures Trading Commission unless such board of trade is so designated for such commodity contract or commodity option. [1987 c.148 §7]