[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: 17CFR32.4]

[Page 384]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 32_REGULATION OF COMMODITY OPTION TRANSACTIONS--Table of Contents
 
Sec.  32.4  Exemptions.

    (a) Except for the provisions of Sec. Sec.  32.2, 32.8 and 32.9, 
which shall in any event apply to all commodity option transactions, the 
provisions of this part shall not apply to a commodity option offered by 
a person which has a reasonable basis to believe that the option is 
offered to a producer, processor, or commercial user of, or a merchant 
handling, the commodity which is the subject of the commodity option 
transaction, or the products or by-products thereof, and that such 
producer, processor, commercial user or merchant is offered or enters 
into the commodity option transaction solely for purposes related to its 
business as such.
    (b) The Commission may, by order, upon written request or upon its 
own motion, exempt any other person, either unconditionally or on a 
temporary or other conditional basis, from any provisions of this part, 
other than Sec. Sec.  32.2, 32.8 and 32.9, if it finds, in its 
discretion, that it would not be contrary to the public interest to 
grant such exemption.