[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR32.1]

[Page 382-383]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 32_REGULATION OF COMMODITY OPTION TRANSACTIONS--Table of Contents
 
Sec.  32.1  Scope of part 32; definitions.

    (a) Scope. The provisions of this part, except for the provisions of 
Sec. Sec.  32.8 and 32.9 which shall in any event apply to all commodity 
option transactions, shall apply to all commodity option transactions 
except for commodity option transactions conducted or executed on or 
subject to the rules of a contract market, or a foreign board of trade, 
pursuant to section 4c of the Act and the regulations promulgated 
thereunder.
    (b) Definitions. As used in this part:
    (1) Commodity option transaction and commodity option each means any 
transaction or agreement in interstate commerce which is or is held out 
to be of

[[Page 383]]

the character of, or is commonly known to the trade as, an ``option'', 
``privilege'', ``indemnity'', ``bid'', ``offer'', ``put'', ``call'', 
``advance guaranty'', or ``decline guaranty' involving any commodity 
regulated under the Act other than wheat, cotton, rice, corn, oats, 
barley, rye, flaxseed, grain sorghums, mill feeds, butter, eggs, onions, 
Solanum tuberosum (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;
    (2) Interstate commerce shall be construed and have the same meaning 
as set forth in sections 1a(13) and 2(b) of the Act;
    (3) Option customer means any person who, directly or indirectly, 
purchases or otherwise acquires for value any interest in a commodity 
option, but shall not include a person required to register as a futures 
commission merchant in accordance with this part;
    (4) Purchase price means the total actual cost paid or to be paid, 
directly or indirectly, by an option customer for entering into and 
maintaining an interest in a commodity option transaction by whatever 
name called; and
    (5) Striking price means the price at which an option customer may 
purchase or sell the commodity or the contract of sale of a commodity 
for future delivery which is the subject of a commodity option 
transaction.

(Secs. 2(a)(1), 4c(a)-(d), 4d, 4f, 4g, 4k, 4m, 4n, 8a, 15 and 17, 
Commodity Exchange Act (7 U.S.C. 2, 4, 6c(a)-(d), 6f, 6g, 6k, 6m, 6n, 
12a, 19 and 21; 5 U.S.C. 552 and 552b))

[47 FR 57016, Dec. 22, 1982, as amended at 52 FR 29003, Aug. 5, 1987; 59 
FR 5703, Feb. 8, 1994]