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 § 1.3(g) of this chapter, provided that the trading advisor:
(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.