Sec. 23. (a) A person may not engage in the commodities trade or business or otherwise act as a commodity merchant unless the person:

(1) is registered or temporarily licensed with the Commodity Futures Trading Commission for each activity causing the person to be considered a commodity merchant and the registration or temporary license has not expired or been revoked or suspended; or

Terms Used In Indiana Code 23-2-6-23

  • board of trade: refers to a person or group of persons engaged in:

    Indiana Code 23-2-6-1

  • commodity: means , except as otherwise specified by a rule, regulation, or order of the commissioner, any of the following:

    Indiana Code 23-2-6-4

  • commodity contract: means an account, an agreement, or a contract that:

    Indiana Code 23-2-6-6

  • Commodity Exchange Act: means the act of the United States Congress known as the Commodity Exchange Act (7 U. See Indiana Code 23-2-6-7
  • Commodity Futures Trading Commission: means the independent regulatory agency established to administer the Commodity Exchange Act. See Indiana Code 23-2-6-8
  • commodity merchant: means any of the following (as defined or described in the Commodity Exchange Act or in a CFTC rule):

    Indiana Code 23-2-6-9

  • commodity option: means an account, an agreement, or a contract giving a party to the account, agreement, or contract the right but not the obligation to purchase or sell:

    Indiana Code 23-2-6-10

  • Contract: A legal written agreement that becomes binding when signed.
  • person: means an individual, a corporation, a partnership, a limited liability company, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Indiana Code 23-2-6-14
(2) is exempt from registration with the Commodity Futures Trading Commission under:

(A) the Commodity Exchange Act; or

(B) a CFTC rule.

     (b) A board of trade may not trade or provide a place for the trading of any commodity contract or commodity option if the commodity contract or commodity option must be traded on a contract market or commodity market designated by the Commodity Futures Trading Commission or is subject to the rules of a contract market or commodity market designated by the Commodity Futures Trading Commission, unless:

(1) the board of trade has been designated for the commodity contract or commodity option by the Commodity Futures Trading Commission; and

(2) the designation has not been vacated, suspended, or revoked.

As added by P.L.177-1991, SEC.10.

  Previous section
Next section  
 Chapter 6 Contents