General Rules and Regulations
Securities Act of 1933
Rule 238 -- Exemption for Standardized Options
Exemption. Except as expressly provided
in paragraphs (b) and (c) of this section, the Act does not apply to any standardized
option, as that term is defined by Rule
9b-1(a)(4), that is:
Issued by a clearing agency registered under
section 17A of the Securities Exchange
Act of 1934; and
Traded on a national securities exchange
registered pursuant to section 6(a)
of the Securities Exchange Act of 1934 or on a national securities association
registered pursuant to section 15A(a)
of the Securities Exchange Act of 1934.
Limitation. The exemption provided in paragraph
(a) of this section does not apply to the provisions of section
17 of the Act.
Offers and sales. Any offer or sale of a
standardized option by or on behalf of the issuer of the securities underlying
the standardized option, an affiliate of the issuer, or an underwriter, will
constitute a contract for sale of, sale of, offer for sale, or offer to sell
the underlying securities as defined in section
2(a)(3) of the Act.
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