§ 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:
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.