North Dakota Code 51-23-04 – Exempt person transactions
1. The prohibitions in section 51-23-03 do not apply to any transaction offered by and in which any of the following persons or any employee, officer, or director thereof acting solely in that capacity is the purchaser or seller:
Terms Used In North Dakota Code 51-23-04
- 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 means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Rule: includes regulation. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
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 subdivision a or b.
d. A person who is a member of a contract market designated by the commodity futures trading commission or any clearinghouse thereof.
e. A financial institution.
f. A person registered under the laws of this state as a securities dealer whose activities require such registration.
g. A public warehouseman as defined in section 4.1-58-01.
2. The exemption provided by this section does not apply to any transaction or activity which is prohibited by the Commodity Exchange Act or CFTC rule.