Therefore, member organizations and nonmember brokers and dealers in options are connected to CBOE through individual affiliations. Registered for's are those individual CBOE members or applicants who are or intend to become controlling persons with respect to organizations engaged in securities options as brokers or dealers and must therefore register their membership for such organization. CBOE Const., 2.4. Registered for's may also consist of other individual members who wish to register for a member organization. Registered for's retain all rights and obligations as individual members, even though they represent an organization.
Nominees are individuals designated by member organizations.
A member organization must designate a nominee for each membership it owns. The nominee is subject to the same requirements for approval as if applying for membership as an individual member and is authorized to represent the organization in all matters relating to the Exchange. Nominees are liable for payment of dues, although their member organization also may be liable. Certificate of Incorporation, Art. Regular members may lease their memberships to individuals or organizations provided these lessees meet CBOE's membership requirements.