# 17 CFR § 230.238: Exemption for standardized options

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/ecfr-17-230.238

## Section

- **Citation:** 17 CFR § 230.238
- **Heading:** Exemption for standardized options
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** September 22, 2026
- **Source:** Publisher's official text
- **Location:** Title 17—Commodity and Securities Exchanges > CHAPTER II—SECURITIES AND EXCHANGE COMMISSION > PART 230—GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933 > Regulation A-R—Special Exemptions

## Text

(a) 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 section 240.9b-1(a)(4) of this chapter, that is:
(1) Issued by a clearing agency registered under section 17A of the Securities Exchange Act of 1934 (15 U.S.C. 78q-1); and
(2) Traded on a national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78f(a)) or on a national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 (15 U.S.C. 780-3(a)).
(b) Limitation. The exemption provided in paragraph (a) of this section does not apply to the provisions of section 17 of the Act (15 U.S.C. 77q).
(c) 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 (15 U.S.C. 77b(a)(3)).
[68 FR 192, Jan. 2, 2003]

## Nearby sections

- [17 CFR § 230.236 § 230.236 Exemption of shares offered in connection with certain transactions.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.236.md)
- [17 CFR § 230.237 § 230.237 Exemption for offers and sales to certain Canadian tax-deferred retirement savings accounts.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.237.md)
- [17 CFR § 230.238 § 230.238 Exemption for standardized options.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.238.md)
- [17 CFR § 230.239 § 230.239 Exemption for offers and sales of certain security-based swaps.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.239.md)
- [17 CFR § 230.240 § 230.240 Exemption for certain security-based swaps.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.240.md)
- [17 CFR § 230.241 § 230.241 Solicitations of interest.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.241.md)
- [17 CFR § 230.251 § 230.251 Scope of exemption.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.251.md)
- [17 CFR § 230.252 § 230.252 Offering statement.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.252.md)
- [17 CFR § 230.253 § 230.253 Offering circular.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.253.md)
- [17 CFR § 230.254 § 230.254 Preliminary offering circular.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.254.md)
- [17 CFR § 230.255 § 230.255 Solicitations of interest and other communications.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.255.md)
- [17 CFR § 230.256 § 230.256 Definition of “qualified purchaser”.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.256.md)
- [17 CFR § 230.257 § 230.257 Periodic and current reporting; exit report.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.257.md)
- [17 CFR § 230.258 § 230.258 Suspension of the exemption.](https://www.frixlaw.com/law-library/statutes/ecfr-17-230.258.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-17-230.238. Check the current official text before relying on it. Not legal advice.