Originally Posted by 27 CFR 478.125(g)
...when disposition is made of a firearm or firearm curio or relic not entered in the bound record under the provisions of this paragraph, the licensed dealer or licensed collector making such disposition shall enter all required acquisition information regarding the firearm or firearm curio or relic in the bound record at the time such transfer or disposition is made.
this is exactly my point. 03FFL pertains to acquisition or transfer of a firearm, not possession.
prior to my getting the C&R, i spoke w a firearms attorney about the 03FFL (he is not in MA, but that's irrelevant because again MA does not recognize the 03FFL).
the way he explained to me and from everything I have read, the 03FFL pertains to acquisition or disposition of firearms that meet 1 of the 3 criteria that anybody can look up. it has nothing to do with possession of firearms. there are absolutely no firearms that become lawful to possess just because i have an 03FFL.
by the logic described above (i.e. logging all C&R firearms regardless of method of acquisition), then every time the ATF releases a new "C&R list" then all 03FFLs must go through their firearm inventory and start adding "acquisitions" to their C&R bound book. this makes no sense.
from my discussion w actual legal counsel, the 03FFL applies only if I acquire from or transfer to another 03FFL. if the firearm comes to me via an 01FFL then my silly little 03FFL is irrelevant from both the perspective of legality and documentation.
of course I could be wrong (this has happened before), but the above is how it was explained to me and my best assessment from reading the actual ATF paperwork.
Check out http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&rgn=div8&view=text&node=27:3.0.1.2.3.8.1.6&idno=27
Particularly, look at (f). It doesn't matter how the C&R gun is acquired, it must be logged in the bound book.
Also, see this letter from the ATF http://www.surplusrifleforum.com/viewtopic.php?f=123&t=20879
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