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Home > > GEMX General 1
General 1 General Provisions
Section 1. Definitions

(a) The following terms, when used in these Rules, shall have the meanings specified in this General 1, unless the context indicates otherwise. Any term defined in the Limited Liability Company Agreement (the "LLC Agreement") or the By-Laws of Nasdaq GEMX, LLC (the "By-Laws") and not otherwise defined in this General 1 shall have the meaning assigned in the LLC Agreement or the By-Laws.

(1) The term "associated person" or "person associated with a Member" means any partner, officer, director, or branch manager of a Member (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling, controlled by, or under common control with a Member or any employee of a Member.

(2) The term "board of directors" or "Board" has the meaning set forth in Article I of the By-Laws.

(3) The term "Clearing Corporation" means The Options Clearing Corporation.

(4) The term "Clearing Member" means a Member that is self-clearing or an Electronic Access Member that clears Exchange Transactions for other Members of the Exchange.

(5) The term "Code of Procedure" means the procedural rules contained in the Rule 9000 Series.

(6) The term "Electronic Access Member " or "EAM" means a Member that is approved to exercise trading privileges associated with EAM Rights.

(7) The term "Exchange Act" or the "Act" means the Securities Exchange Act of 1934 and the rules and regulations thereunder, as amended from time to time.

(8) The term "Exchange Review Council" means the committee authorized and directed to act for the Board of Directors of the Exchange in a manner consistent with the Exchange Rules with respect to (1) an appeal or review of a disciplinary proceeding; (2) a statutory disqualification decision; (3) a review of a membership proceeding; (4) a review of an offer of settlement, a letter of acceptance, waiver, and consent, and a minor rule violation plan letter; (5) the exercise of exemptive authority; (6) an appeal of proceedings involving Exchange General 3, Section 2, Options 3, Section 20 and Options 2, Section 5; and (7) such other proceedings or actions authorized by the Exchange Rules.

(9) The term "Exchange Transaction" means a transaction executed on or through the facilities of the Exchange.

(10) The term "Federal Reserve Board" means the Board of Governors of the Federal Reserve System.

(11) The term "good standing" means that a Member is not delinquent with respect to Exchange dues, fees or other charges and is not suspended or barred from effecting Exchange Transactions or from association with a Member either by the Exchange or by means of a statutory disqualification.

(12) The terms "he," "him" or "his" shall be deemed to refer to persons of female as well as male gender, and to include organizations, as well as individuals, when the context so requires.

(13) The term "ISE" means Nasdaq ISE, LLC, a national securities exchange.

(14) The term "Member" means an organization that has been approved to exercise trading rights associated with Exchange Rights.

(15) The term "Membership" refers to the trading privileges associated with Exchange Rights.

(16) The term "primary market" means the principal market in which an underlying security is traded.

(17) The term "Rules of the Clearing Corporation" means the Certificate of Incorporation, the By-laws and the Rules of the Clearing Corporation, and all written interpretations thereof, as the same may be in effect from time to time.

(18) The term "SEC" and the "Commission" mean the United States Securities and Exchange Commission.

(19) The term "SRO" means a self-regulatory organization as defined in Section 3(a)(26) of the Exchange Act.

(20) The term "underlying security" means the security that the Clearing Corporation shall be obligated to sell (in the case of a call option) or purchase (in the case of a put option) upon the valid exercise of an options contract.

[Adopted June 27, 2019 (SR-GEMX-2019-08); amended Dec. 9, 2019 (SR-GEMX-2019-18); amended June 10, 2020 (SR-GEMX-2020-15), operative July 10, 2020.]

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