The Commission concludes that individuals who are regular members and exercisers are members under the Act. Both classes may serve on the CBOE's Board of Directors and governing committees and vote on all exchange matters. Additionally, both classes are obligated to pay all CBOE dues, fees, and assessments. The Commission concludes that individuals who are registered for's are also members under the Act. Because registered for's must qualify as regular members, regardless of their affiliation with member organizations of CBOE or nonmember brokers or dealers in options, registered for's will remain regular members even if their affiliated organization is no longer a CBOE member.
Nominees also qualify as members.
Although nominees have membership rights and obligations vis a vis CBOE as a result of being designated by a member organization, the relevant participatory rights and financial obligations have been shifted to them personally. Nominees are liable for payment of dues, although their member organization also may be liable. Certificate of Incorporation, Art. CBOE's unique role in regulating nominees in an individual capacity also is significant. The Commission concludes that special members are also members under the Act until their membership expires in 1990.