(1) No person shall engage in a trade or business of or otherwise act as a commodity merchant unless such person is either: (a) Registered or temporarily licensed with the commodity futures trading commission for each activity constituting such person as a commodity merchant, and such registration or temporary license has not expired or been suspended or revoked; or (b) Exempt from such registration by virtue of the commodity exchange act or a CFTC rule. (2) No board of trade shall 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 such board of trade has been so designated for such commodity contract or commodity option and such designation has not been vacated, suspended, or revoked.
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