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On June 1, Cboe Exchange, Inc. (Cboe) filed with the Securities and Exchange Commission a proposed rule change to amend Rule 8.16 and Rule 9.2 to temporarily extend the filing deadline for certain supervision-related reports, which Cboe previously extended from April 1 to June 1 and from June 1 to June 30.
Continue Reading CBOE Exchange Proposes to Temporarily Extend the Filing Deadline for Certain Supervision-Related Reports

On April 7, the Securities and Exchange Commission (SEC) announced that Cboe Exchange, Inc. (CBOE) proposed to amend Interpretation and Policy .01 to Rule 5.24 regarding business continuity and disaster recovery testing in order to harmonize with its affiliated options exchanges.
Continue Reading SEC Announces CBOE Amendments to Business Continuity and Disaster Recovery Testing Rules

On March 19, the Securities and Exchange Commission approved a proposed rule change filed by Cboe Exchange, Inc. (CBOE) related to permissible off-floor position transfers. Generally, CBOE requires a Trading Permit Holder (TPH) to effect transactions in listed options on an exchange. However, certain types of transfers involving TPH positions are permitted to be effected off the exchange. The approved rule change adds four types of additional off-floor transfers:
Continue Reading SEC Approves CBOE Proposed Rule Change Regarding Off-Floor Position Transfers

On January 21, the Securities and Exchange Commission published in the Federal Register a release (Release) regarding Cboe Exchange, Inc. rule changes. The Release indicates that SEC must approve or disapprove Cboe rule changes regarding off-floor position transfers (Proposed Rule) by March 19. The SEC moved the original January 19 deadline to March 19 in…

On October 17, the Securities and Exchange Commission approved a rule proposal filed by Cboe Exchange, Inc. (CBOE) allowing the off-floor transfers of options positions by Trading Permit Holders (TPHs) under a new circumstance.

Under proposed Rule 6.9, positions in options listed on CBOE would be permitted to be transferred outside CBOE by a TPH in connection with transactions to purchase or redeem creation units of exchange-traded fund (ETF) shares between an “authorized participant” and the issuer of such ETF shares.
Continue Reading SEC Approves CBOE’s Proposed Rule Change Regarding the Off-Floor Transfer of Options Positions

On October 21, the Securities and Exchange Commission (SEC) issued an Order Instituting Proceedings (the Order) to determine whether to approve a proposed rule change filed by Cboe Exchange, Inc. (CBOE) regarding off-floor position transfers.

Generally, CBOE requires a Trading Permit Holder (TPH) to effect transactions in listed options on an exchange.
Continue Reading SEC Issues Order Instituting Proceedings Regarding CBOE’s Proposed Rule Change on Off-Floor Position Transfers

CBOE Exchange, Inc. (CBOE) recently filed a proposal to amend its Rule 6.49A to amend provisions related to permissible off-floor position transfers. Generally, CBOE Rule 6.49A(a) specifies limited circumstances in which CBOE Trading Permit Holders (TPHs) may transfer their positions off the floor. CBOE proposes to add four events where an off-floor transfer would be permitted to occur.
Continue Reading CBOE Proposes Amendments to Rule 6.49A Concerning Off-Floor Position Transfers Including RWA Transfers

CBOE Exchange, Inc. (CBOE) recently filed a proposal to amend its Rule 6.49A to delete the provisions therein related to on-floor position transfers and amend the provision regarding presidential exemptions. Generally, CBOE Rule 6.49(a) requires that transactions of option contracts listed on the exchange for a premium in excess of $1.00 to be effected on…

CBOE Exchange, Inc. (CBOE) has proposed amendments to Chapter 17 of the CBOE Options Rules regarding investigative and disciplinary matters involving CBOE Trading Permit Holders (TPHs) and their associated persons. In particular, the amendments reflect updates to CBOE’s rules and processes related to:

  • complaints and investigations;
  • expedited proceedings;
  • the issuance of charges (and answers thereto);
  • hearings (including decisions made pursuant to a hearing and the review of decisions);
  • summary proceedings;
  • settlements;
  • judgment and sanctions;
  • service of notice;
  • reporting to the Central Registration Depository; and
  • imposition of fines for minor rule violations.

Continue Reading CBOE Proposes Changes to Its Processes and Rules Concerning Investigative and Disciplinary Matters

On September 20, the Securities and Exchange Commission approved a rule proposal filed by Cboe Exchange, Inc. (CBOE) related to the registration categories and qualification examinations required for Trading Permit Holders and associated persons that engage in trading activities on CBOE (Proposal). In light of FINRA’s adoption of the Securities Industry Essentials Examination (SIE), which is a general knowledge examination that all new representative-level applicants will need to take as of October 1 (Implementation Date), CBOE proposed a rule change that would require new applicants seeking to register with CBOE in a representative capacity as of the Implementation Date to pass the SIE. To be eligible for such registration, an individual also must be associated with a firm, pass an appropriate qualification examination for a representative or principal, and satisfy certain other requirements. (For additional information regarding the SIE, please refer to the January 26, 2018 edition of Corporate & Financial Weekly Digest.)
Continue Reading CBOE Proposes Rule Change Relating to Qualification Examinations