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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:
1. 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.
2. A person registered with the securities and exchange commission as a broker-dealer whose activities require such registration.
3. A person affiliated with, and whose obligations and liabilities under the transaction are guaranteed by, a person referred to in subsection 1 or 2.
4. A person who is a member of a contract market designated by the commodity futures trading commission or any clearinghouse thereof.
5. A financial institution.
6. A person registered under the laws of this state as a securities dealer whose activities require such registration.
7. A public warehouseman as defined in section 60-02-01.
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.
Cite this article: FindLaw.com - North Dakota Century Code Title 51. Sales and Exchanges § 51-23-04. Exempt person transactions - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-51-sales-and-exchanges/nd-cent-code-sect-51-23-04/
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