Iowa Code 502A.3 – Exempt person transactions
Current as of: 2023 | Check for updates
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1. The prohibitions in section 502A.2 do not apply to a transaction in which any of the following persons, or any employee, officer, or director of a listed person acting solely in that capacity, is the purchaser or seller:
a. A person registered with the commodity futures trading commission as a futures commission merchant or as a leverage transaction merchant whose activities require such registration.
b. A person registered with the securities and exchange commission as a broker-dealer whose activities require such registration.
c. A person affiliated with, and whose obligations and liabilities under the transaction are guaranteed by, a person referred to in paragraph “a” or “b”.
d. A person who is a member of a contract market designated by the commodity futures trading commission, or any CFTC clearinghouse.
e. A financial institution.
f. A person registered under the laws of this state as a securities broker-dealer whose activities require such registration.
Terms Used In Iowa Code 502A.3
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. This exemption provided by this section does not apply to any transaction or activity which is prohibited by the Commodity Exchange Act or CFTC rule.