[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR4.32]

[Page 202]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 4_COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS--Table 
of Contents
 
                  Subpart C_Commodity Trading Advisors
 
Sec.  4.32  Trading on a Registered Derivatives Transaction Execution 
Facility for Non-Institutional Customers.

    (a) A registered commodity trading advisor may enter trades on or 
subject to the rules of a registered derivatives transaction execution 
facility on behalf of a client who does not qualify as an 
``institutional customer'' as defined in Sec.  1.3(g) of this chapter, 
provided that the trading advisor:
    (1) Directs the client's commodity interest account;
    (2) Directs accounts containing total assets of not less than 
$25,000,000 at the time the trade is entered; and
    (3) Discloses to the client that the trading advisor may enter 
trades on or subject to the rules of a registered derivatives 
transaction execution facility on the client's behalf.
    (b) The commodity interest account of a client described in 
paragraph (a) of this section must be carried by a registered futures 
commission merchant.

[66 FR 53522, Oct. 23, 2001]