Oregon Statutes 645.035 – Commodity merchant required to comply with federal law
(1) No person shall engage in a trade or business or otherwise act as a commodity merchant unless such person:
Terms Used In Oregon Statutes 645.035
- Board of trade: means any person or persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether such person or persons are characterized as a board of trade, exchange or other form of marketplace. See Oregon Statutes 645.005
- Commodity merchant: means any person, other than a futures association, required to register with the Commodity Futures Trading Commission. See Oregon Statutes 645.005
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, a joint venture, a partnership, a cooperative, an association, a joint stock company, a corporation, a trust, an unincorporated organization, a government or a political subdivision of a government. See Oregon Statutes 645.005
(a) Is registered or temporarily licensed with the federal Commodity Futures Trading Commission for each activity constituting such person as a commodity merchant; or
(b) Is exempt from such registration by virtue of the federal Commodity Exchange Act or rules adopted by the federal Commodity Futures Trading Commission.
(2) No board of trade shall 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 federal Commodity Futures Trading Commission unless such board of trade is so designated for such commodity contract or commodity option. [1987 c.148 § 7]