17 CFR § 48.3 - Registration required.

---
identifier: "/us/cfr/t17/s48.3"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 48.3 - Registration required."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "48.3"
section_name: "Registration required."
chapter_name: "COMMODITY FUTURES TRADING COMMISSION"
part_number: "48"
part_name: "REGISTRATION OF FOREIGN BOARDS OF TRADE"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 5, 6 and 12a, unless otherwise noted."
regulatory_source: "76 FR 80698, Dec. 23, 2011, unless otherwise noted."
cfr_part: "48"
---


# 48.3 Registration required.

(a) Except as specified in this part, it shall be unlawful for a foreign board of trade to permit direct access to its electronic trading and order matching system unless and until the Commission has issued a valid and current Order of Registration to the foreign board of trade pursuant to the provisions of this part.

(b) It shall be unlawful for a foreign board of trade or the clearing organization to make false or misleading statements in or in connection with any application for registration under this part.