---
kind: "section"
citation: "17 C.F.R. § 4.6"
title: "17"
number: "4.6"
heading: "Exclusion for certain otherwise regulated persons from the definition of the term “commodity trading advisor.”"
url: "https://uscodex.org/cfr/17/4.6"
---

# §4.6. Exclusion for certain otherwise regulated persons from the definition of the term “commodity trading advisor.”

- (a) Subject to compliance with the provisions of this section, the following persons, and any principal or employee thereof, shall be excluded from the definition of the term “commodity trading advisor:”
  - (1) An insurance company subject to regulation by any State, or any wholly-owned subsidiary or employee thereof; Provided, however, That its commodity interest advisory activities are solely incidental to the conduct of the insurance business of the insurance company as such; and
  - (2) A person who is excluded from the definition of the term “commodity pool operator” by [§ 4.5](/cfr/17/4.5.md); Provided, however, That:
    - (i) Its commodity interest advisory activities are solely incidental to its operation of those trading vehicles for which [§ 4.5](/cfr/17/4.5.md) provides relief; and
    - (ii) Where necessary, prior to providing any commodity interest trading advice to any such trading vehicle the person files a notice of eligibility as specified in [§ 4.5](/cfr/17/4.5.md) to claim the relief available under that section.
  - (3) A swap dealer registered with the Commission as such pursuant to the Act or excluded or exempt from registration under the Act or the Commission's regulations; Provided, however, That the commodity interest and swap advisory activities of the swap dealer are solely incidental to the conduct of its business as a swap dealer.
- (b) Any person who has claimed an exclusion under this § 4.6 must submit to such special calls as the Commission may make to require the person to demonstrate compliance with the provisions of [paragraph (a)](#a) of this section.
- (c) An exclusion claimed under this § 4.6 shall cease to be effective upon any change which would render the person claiming the exclusion ineligible under [paragraph (a)](#a) of this section.

## Notes

### Amendments

[52 FR 41984, Nov. 2, 1987, as amended at 77 FR 9822, Feb. 17, 2012]

### Authority

Authority: 7 U.S.C. 1a, 2, 6(c), 6b, 6c, 6l, 6m, 6n, 6o, 12a, and 23.

### Source

Source: 46 FR 26013, May 8, 1981, unless otherwise noted.

### Amendments

[52 FR 41984, Nov. 2, 1987, as amended at 77 FR 9822, Feb. 17, 2012]