Maine Revised Statutes Title 32 Sec. 11205 – Unlawful commodity activities
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1. Persons allowed to engage in commodity activities. No person may engage in a trade or business or otherwise act as a commodity merchant, unless that person:
A. Is registered or temporarily licensed with the Commodity Futures Trading Commission for each activity constituting such person as a commodity merchant and such registration or temporary license shall not have expired, nor been suspended nor revoked; or [PL 1985, c. 643 (NEW).]
B. Is exempt from that registration by virtue of the Commodity Exchange Act or of a Commodity Futures Trading Commission Rule. [PL 1985, c. 643 (NEW).]
[PL 1985, c. 643 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 11205
- Board of trade: means any person or group of persons engaged in buying or selling any commodity or receiving any commodity for sale on consignment, whether that person or group of persons is characterized as a board of trade, exchange or other form of marketplace. See Maine Revised Statutes Title 32 Sec. 11201
- Commodity: means , except as otherwise specified by the administrator by rule or order, any agricultural, grain or livestock products or by-products, any metals or minerals, including a precious metal set forth in subsection 12, any gem or gemstone, whether characterized as precious, semiprecious or otherwise, any fuel, whether liquid, gaseous or otherwise, any foreign currency and all other goods, articles, products or items of any kind provided that the term commodity shall not include:
A. See Maine Revised Statutes Title 32 Sec. 11201Commodity contract: means any account, agreement or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract or otherwise. See Maine Revised Statutes Title 32 Sec. 11201 Commodity Exchange Act: means the Act of Congress known as the "Commodity Exchange Act" as amended to the effective date of this chapter, codified at the United States Code, title 7, § 1, et seq. See Maine Revised Statutes Title 32 Sec. 11201 Commodity Futures Trading Commission: means the independent regulatory agency established by Congress to administer the Commodity Exchange Act. See Maine Revised Statutes Title 32 Sec. 11201 Commodity merchant: means any of the following, as defined or described in the Commodity Exchange Act or by Commodity Futures Trading Commission Rule:
A. See Maine Revised Statutes Title 32 Sec. 11201Commodity option: means any account, agreement or contract giving a party to the account, agreement or contract the right, but not the obligation, to purchase or sell one or more commodities or one or more commodity contracts, or both, whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty or otherwise, but shall not include an option traded on a national securities exchange registered with the United States Securities and Exchange Commission. See Maine Revised Statutes Title 32 Sec. 11201 Contract: A legal written agreement that becomes binding when signed. Person: means an individual, a corporation, a partnership, 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, but does not include, a contract market designated by the Commodity Futures Trading Commission or any clearinghouse of the Commodity Futures Trading Commission or a national securities exchange registered with the United States Securities and Exchange Commission, or any employee, officer or director of such contract market, clearinghouse or exchange acting solely in that capacity. See Maine Revised Statutes Title 32 Sec. 11201
2. Board of trade allowed to trade. No board of trade may 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 Commodity Futures Trading Commission, unless that board of trade has been so designated for that commodity contract or commodity option and that designation shall not have been vacated, nor suspended nor revoked.
[PL 1985, c. 643 (NEW).]
SECTION HISTORY
PL 1985, c. 643 (NEW).