Northeast - USCG Approved Life Raft Or Not?

Do you guys that fish under the charterboat/headboat hms permit have a USCG approved life raft aboard? My understanding is that if you keep a giant and want to sell it you are fishing commercially and therefore required to have a USCG raft on board, however there are many that don't because an approved raft is NOT required for a charterboat! Is there an issue if you get boarded and have a giant on board if your raft is not "approved"? It is crazy that you are not required to have an approved raft UNTIL you catch a fish that you can sell! What are your real life experiences with this? I am trying to figure out which raft to buy!
kevin

As a charter boat, yes I have a USCG approved raft on board. As a charter boat, you may or may not be required to carry a raft pending where you fish. If your over 12 miles from shore, have more than 3 people on board and in cold water areas, you need a raft.