N.J. Admin. Code § 17:16-85.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:16-85.2 - Permissible transactions

(a) Subject to the limitations contained in this subchapter, the Director may purchase and subsequently sell put options, including index-based put options, on behalf of any eligible fund, provided that any put option purchased or sold shall be listed on a securities exchange, traded on the over-the-counter market, or be bid/offered on a competitive basis with multiple broker dealers.

(b) Subject to the limitations contained in this subchapter, the Director may execute and subsequently terminate put spreads, provided that the purchased and written put options shall be for the same number of contracts, and shall be listed on a securities exchange, traded on the over-the-counter market, or be bid/offered on a competitive basis with multiple broker dealers.

(c) Notwithstanding the restrictions in this subchapter, the Council may approve put options or put spreads on a case-by-case basis

N.J. Admin. Code § 17:16-85.2

Amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Rewrote the section.
Amended by R.2008 d.239, effective 8/18/2008.
See: 40 N.J.R. 2093(a), 40 N.J.R. 4824(c).
Deleted designation (a), substituted ", traded on an" for "in the United States or the" and inserted "or be bid/offered on a competitive basis with multiple broker dealers".
Amended by R.2011 d.223, effective 8/15/2011.
See: 43 N.J.R. 1242(a), 43 N.J.R. 2193(a).
Inserted designation (a); in (a), deleted "covered" preceding the third occurrence of "put"; and added (b) and (c).
Recodified from N.J.A.C. 17:16-45.2 and amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
In (a) and (b), substituted "the" for "an" following "traded on", and inserted a comma following "market".