State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_78D > GS_78D-3

§78D‑3.  Exempt person transactions.

The prohibitions in G.S. 78D‑2shall not apply to any transaction offered by and in which any of the followingpersons (or any employee, officer or director thereof acting solely in thatcapacity) is the purchaser or seller:

(1)        A person registeredwith the Commodity Futures Trading Commission as a futures commission merchantor as a leverage transaction merchant whose activities require suchregistration;

(2)        A person registeredwith the Securities and Exchange Commission as a broker‑dealer whoseactivities require such registration;

(3)        A person affiliatedwith, and whose obligations and liabilities under the transaction areguaranteed by, a person referred to in subdivisions (1) or (2) of this section;

(4)        A person who is amember of a contract market designated by the Commodity Futures TradingCommission (or any clearinghouse thereof);

(5)        A financialinstitution; or

(6)        A person registeredunder the laws of this State as a securities broker‑dealer whoseactivities require such registration.

The exemption provided by thissection shall not apply to any transaction or activity which is prohibited bythe Commodity Exchange Act or CFTC Rule. (1989, c. 634, s. 1.)