§32B-1-5. Unlawful commodity activities.
(a) A person may not engage in a trade or business or
otherwise act as a commodity merchant unless the person: (1) Is
registered or temporarily licensed with the commodity futures
trading commission for each activity in which the person is acting
as a commodity merchant and the registration or temporary license
has not expired, been suspended or revoked; or (2) is exempt from
registration by virtue of the Commodity Exchange Act or of a CFTC
(b) A board of trade shall not 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 the
board of trade has been so designated for the commodity contract or
commodity option and the designation has not been vacated,
suspended or revoked.