CHAPTER I-COMMODITY FUTURES Page Reports by persons holding bona fide hedge posi- tions pursuant to § 1.3(z) of this chapter and by merchants, processors, and dealers in cotton........ Delivery notice; filing of copy. warehouses, depositories, and other 1.44 Records and reports of warehouses, depositories, and other similar entities; 1.45 Delivery of commodities conforming 1.47 Requirements for classification of pur- chases or sales of contracts for future delivery as bona fide hedging under § 1.3(z)(3) of the regulations. 1.48 Requirements for classification sales or purchases for future delivery as bona fide hedging of unsold anticipated production or unfilled anticipated re- quirements under § 1.3(z)(2) (i)(B) or (ii) 1.50 Demonstration of continued compli- § 1.1 Words in singular and plural form. Words used in the singular form in the rules and regulations in this part shall be deemed to import the plural, and vice versa, as the case may require. § 1.2 Liability of principal for act of agent. The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust, within the scope of his employment or office, shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust as well as of such official, agent, or other person. (Sec. 2, 42 Stat. 998; 7 U.S.C. 4) § 1.3 Definitions. The following terms, as used in the Commodity Exchange Act, or in the rules and regulations in this chapter, shall have the meanings hereby assigned to them, unless the context otherwise requires: (a) Board of Trade. This term means any exchange or association, whether incorporated or unincorporated, of persons who shall be engaged in the business of buying or selling any commodity or receiving the same for sale on consignment. (b) Business day. This term means any day other than a Sunday or holi day. In all notices required by the act or by the rules and regulations in this chapter to be given in terms of business days the rule for computing time shall be to exclude the day on which notice is given and include the day on which shall take place the act of which notice is given. (c) Clearing member. This term means any person who is a member of, or enjoys the privilege of clearing trades in his own name through, the clearing organization of a contract market. (d) Clearing organization. This term means the person or organization which acts as a medium for clearing transactions in commodities for future delivery or commodity option transactions, or for effecting settlements of contracts for future delivery or commodity option transactions, for and between members of any contract market. (e) Commodity. This term means and includes wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, millfeeds, butter, eggs, Irish potatoes, wool, wool tops, fats and oils (including lard, tallow, cottonseed oil, peanut oil, soybean oil, and all other fats and oils), cottonseed meal, cottonseed, peanuts, soybeans, soybean meal, livestock, livestock products, and frozen concentrated orange juice, and all other goods and articles, except onions as provided in Pub. L. 85-839, and all services, rights and interests in which contracts for future delivery are presently or in the future dealt in. (Sec. 2(a)(1), 88 Stat. 1395; 7 U.S.C. 2(1)) (f) Commodity Exchange Act; the Act. These terms mean the Commodity Exchange Act, as amended, 7 U.S.C. 1 et seq. person if such person by power of attorney or otherwise actually directs trading for such account. (k) Customer; commodity customer. These terms have the same meaning and refer to a customer trading in any commodity named in the definition of commodity herein: Provided, however, An owner or holder of a proprietary account as defined in paragraph (y) of this section shall not be deemed to be a customer within the meaning of section 4d of the Act, the regulations that implement sections 4d and 4f of the Act and § 1.35, and such an owner or holder of such a proprietary account shall otherwise be deemed to be a customer within the meaning of the Act and §§ 1.37 and 1.46 and all other sections of these rules, regulations and orders which do not implement sections 4d and 4f. (1) Delivery month. This term means the month of delivery specified in a contract of sale of any commodity for future delivery. (m) [Reserved] (n) Floor broker. This term means any person who, in or surrounding any pit, ring, post or other place provided by a contract market for the meeting of persons similarly engaged, shall purchase or sell for any other person any commodity for future delivery on or subject to the rules of any contract market and shall include any person required to register as a floor broker under the Act by virtue of Part 33 of this chapter. (0) Future delivery. This term does not include any sale of a cash commodity for deferred shipment or delivery. (p) Futures commission merchant. This term means: (1) Individuals, associations, partnerships, corporations, and trusts engaged in soliciting or in accepting orders for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market and that, in or in connection with such solicitation or acceptance of orders, accepts any money, securities, or property (or extends credit in lieu thereof) to margin, guarantee or secure any trades or contracts that result or may result therefrom; and re (2) Shall include any person quired to register as a futures commission merchant under the Act by virtue of Part 32 or Part 33 of this chapter. (q) Member of a contract market. This term means and includes individuals, associations, partnerships, corporations, and trusts owning or holding membership in, or admitted to membership representation on, a contract market or given members' trading privileges thereon. (r) Net equity. This term means the credit balance which would be obtained by combining the commodity margin balance of any person with the net profit or loss, if any, accruing on the open trades or contracts or commodity option transactions of such person. (s) Net deficit. This term means the debit balance which would be obtained by combining the commodity margin balance of any person with the net profit or loss, if any, accruing on the open trades or contracts or commodity option transactions of such person. (t) Open contracts. This term means contracts of purchase or sale of any commodity made by or for any person on or subject to the rules of a board of trade for future delivery during a specified month or delivery period which have not been fulfilled by delivery nor offset by other contracts of sale or purchase in the same commodity and delivery month. (u) Person. This term includes individuals, associations, partnerships, corporations, and trusts. (v) [Reserved] (w) Secretary of Agriculture. This term means the Secretary of Agriculture or any person to whom authority has heretofore lawfully been delegated or to whom authority may hereafter lawfully be delegated to act in his stead. (x) Floor trader. This term means a member of a contract market who, on the floor of such contract market, executes a futures trade or a commodity option transaction for his own account or an account controlled by him, or has such a futures trade or commodity option transaction made for him. (y) Proprietary account. This term means a commodity futures or commodity option trading account carried 33-047 0-84--2 |