§ 11-53-104 — Exempt person transactions

(1) The prohibitions in section 11-53-103 shall 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:

(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) of this
subsection (1);

(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; or

(f) A person registered under the laws of this state as a securities broker or
dealer whose activities require such registration.

(2) The exemption provided by subsection (1) of this section shall not apply to
any transaction or activity which is prohibited by the commodity exchange act or
CFTC rule.

Legislative History

Source: L. 89: Entire article R&RE, p. 632, � 1, effective July 1.