Skip to main content
 
CFR › Title 17 › Chapter I › Part 32 › Section 32.3

17 CFR 32.3 - Unlawful commodity option transactions.

There is 1 rule appearing in the Federal Register for 17 CFR 32. Select the tab below to view, or View eCFR (GPOAccess)
§ 32.3 Unlawful commodity option transactions.
(a) On and after January 17, 1977, it shall be unlawful for any person to accept any money, securities, or property (or to extend credit in lieu thereof) from an option customer as payment of the purchase price in connection with a commodity option transaction unless such person is registered as a futures commission merchant under the Act and such registration shall not have expired, been suspended (and the period of suspension has not expired) or revoked.
(b) On and after January 17, 1977, it shall be unlawful for:
(1) Any person to solicit or accept orders (other than in a clerical capacity) for the purchase or sale of any commodity option, or to supervise any person or persons so engaged, unless such person is:
(i) Registered as a futures commission merchant under the Act, or
(ii) If such person is an individual, registered under the act as an associated person of a specified person registered as a futures commission merchant under the Act;
(2) Any futures commission merchant to permit an individual to become or remain associated with such futures commission merchant as a partner, officer or employee (or in any similar status or position involving similar functions) in any capacity involving such solicitation, acceptance or supervision if such futures commission merchant knew or should have known that such individual was not registered as an associated person or that such registration has expired, been suspended (and the period of suspension has not expired) or revoked;
(c) A person required to register as a futures commission merchant or as an associated person in accordance with this section which furnishes the services specified in that portion of section 1a of the Act defining the term “commodity trading advisor” shall not be included in the term commodity trading advisor if:
(1) At the time such services are furnished, such person is registered as a futures commission merchant, as a floor broker or as an associated person under the Act, and such registration shall not have expired, been suspended (and the period of suspension has not expired) or revoked; and
(2) The furnishing of such services is solely incidental to the conduct of such person's activities relating to commodity option transactions.
(d) A person registered as a futures commission merchant under the Act, who is required to register as such by virtue of this section, need not register as such in order to comply with this section, but shall immediately notify the Commission in writing, specifying the date such person commenced or intends to commence engaging in activities otherwise requiring registration under this section.
(e) A person registered as an associated person or as a floor broker under the Act, who is required to register as an associated person by virtue of this section, need not register as such in order to comply with this section, but the futures commission merchant employing such person shall immediately notify the Commission in writing, specifying the date such person commenced or intends to commence engaging in activities otherwise requiring registration under this section.
(7 U.S.C. 2, 6c(a), 6c(b) and 12a (Supp. V, 1975))
[41 FR 51814, Nov. 24, 1976, as amended at 42 FR 61831, Dec. 6 1977; 59 FR 5703, Feb. 8, 1994]

Title 17 published on 2012-04-01

The following are only the Rules published in the Federal Register after the published date of Title 17.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2012-04-27; vol. 77 # 82 - Friday, April 27, 2012
    1. 77 FR 25320 - Commodity Options
      GPO FDSys XML | Text
      COMMODITY FUTURES TRADING COMMISSION
      Final rule and interim final rule.
      Effective date: The effective date for this final rule and the interim final rule June 26, 2012. Comment date: Comments on § 32.3, the interim final rule portion of this document, must be received on or before June 26, 2012. Compliance date: For compliance dates for these final rules, see SUPPLEMENTARY INFORMATION at section IV(D), below.
      17 CFR Parts 3, 32, and 33

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 7 - AGRICULTURE

§ 1a - Definitions

§ 2 - Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce

§ 4

§ 6c - Prohibited transactions

§ 12a - Registration of commodity dealers and associated persons; regulation of registered entities

Title 17 published on 2012-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 17 CFR 32 after this date.

  • 2012-04-27; vol. 77 # 82 - Friday, April 27, 2012
    1. 77 FR 25320 - Commodity Options
      GPO FDSys XML | Text
      COMMODITY FUTURES TRADING COMMISSION
      Final rule and interim final rule.
      Effective date: The effective date for this final rule and the interim final rule June 26, 2012. Comment date: Comments on § 32.3, the interim final rule portion of this document, must be received on or before June 26, 2012. Compliance date: For compliance dates for these final rules, see SUPPLEMENTARY INFORMATION at section IV(D), below.
      17 CFR Parts 3, 32, and 33