44. (1) Registration as an adviser is not required to be obtained by, (a) a producers’ co-operative; (b) a trade association; (c) a dealer in or processor, broker or seller of cash commodities; or (d) a farming or livestock management service organization, that issues advice, analyses and reports exclusively to its members or customers, where the performance of the service as an adviser is solely incidental to its principal business.  R.R.O. 1990, Reg. 90, s. 44 (1). (2) Registration as an adviser is not required to be obtained by a dealer acting as a commodity trading manager where, (a) a self-regulatory body recognized by the Commission under section 15 of the Act to whose discipline the dealer is subject has passed by-laws or regulations that, (i) govern the activities of its members as commodity trading managers, (ii) impose standards and conditions applicable to all members managing trading in contracts for customers through discretionary authority granted by the customers, (iii) are substantially equivalent to the requirements and conditions of registration for commodity trading managers set out in this Regulation, and (iv) together with any amendments thereto, have been approved by the Commission as the substantial equivalent of the requirements and conditions of registration for commodity trading managers set out in this Regulation; (b) the self-regulatory body recognized by the Commission under section 15 of the Act to whose discipline the dealer is subject has, (i) recognized certain activities of the dealer as being the equivalent of those of a commodity trading manager and has so advised the Commission, and (ii) with respect to the dealer, provided the Commission with, (A) the names of any partner or officer or employee designated and approved pursuant to the applicable by-laws or regulations, to make trading decisions on behalf of, or to offer advice to, customers, and (B) any changes made from time to time in the designation and approval of any partner or officer or employee; and (c) the designated and approved individuals referred to in clause (b), who are resident in Ontario, are registered to trade in contracts under section 22 of the Act.  R.R.O. 1990, Reg. 90, s. 44 (2). (3) Registration as an adviser is not required to be obtained by a dealer acting as a commodity trading manager where, (a) the procedure required to be submitted to and approved by the Director under subsection 27 (1) includes provisions applicable to trading in contracts for customers through discretionary authority granted by the customers that are substantially equivalent to the requirements and conditions to registration for commodity trading managers set out in this Regulation, and that, together with any amendments thereto, have been approved by the Director as the substantial equivalent of the requirements and conditions of registration for commodity trading managers set out in this Regulation; (b) the dealer provides the Director with the names of any partner or officer or employee who makes trading decisions on behalf of, or offers advice to customers and any changes made from time to time in such names; and (c) the individuals referred to in clause (b), who are resident in Ontario, are registered to trade in contracts under section 22 of the Act.  R.R.O. 1990, Reg. 90, s. 44 (3). PART IV   TRADING GENERALLY