Sec. 23. (a) A person may not engage in the commodities 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 causing the person to be considered a commodity merchant and the registration or temporary license has not expired or been revoked or suspended; or (2) is exempt from registration with the Commodity Futures Trading Commission under: (A) the Commodity Exchange Act; or (B) a CFTC rule. (b) A board of trade may not trade or provide a place for the trading of any commodity contract or commodity option if the commodity contract or commodity option must be traded on a contract market or commodity market designated by the Commodity Futures Trading Commission or is subject to the rules of a contract market or commodity market designated by the Commodity Futures Trading Commission, unless: (1) the board of trade has been designated for the commodity contract or commodity option by the Commodity Futures Trading Commission; and (2) the designation has not been vacated, suspended, or revoked.
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