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Request for Guidance

From time to time, Exchange participants request guidance from the Regulatory Operations Division as to the meaning of certain CHX rules and/or the applicability of those rules to a given set of facts. Participants should refer to the guidelines noted herein seeking such guidance (see also Market Regulation Department Information Memorandum 05-10 (May 23, 2005)).

At the outset, it is important to note that the Regulatory Operations Division does not have the authority to issue a formal exemption from any of the Exchange’s rules. Proposed changes to the Exchange’s rules should be initially raised with the Participant Advisory Committee or its staff liaison. The Regulatory Operations Division may provide clarification as to the meaning of an existing rule or explain how a rule may apply to a factual scenario. While the staff of the Regulatory Operations Division provides oral guidance in response to oral requests, such guidance is of extremely limited precedential value given the undocumented nature of the interaction. To the extent that a Participant intends to rely upon the staff’s guidance going forwards, we encourage that he or she makes a written request for a staff interpretation. Such requests must state the identity of the party making the request (or on behalf of whom the request is being made), a complete and accurate description of the facts involved, the potential applicability of CHX rules and a clear and concise request for an interpretation based upon those representations.

While the Regulatory Operations Division will endeavor to answer all such requests, Participants should keep in mind that not all requests for guidance can be answered on a substantive basis. Situations in which the Exchange may not be able to provide interpretive guidance include those that involve complicated fact patterns that are subject to change, relate to an ongoing inquiry, investigation or examination by the Exchange or another regulatory body, or where the information provided by the requestor is inadequate. Participants should keep in mind that the views expressed in any interpretive guidance are those of Regulatory Operations Division staff, and are in no way endorsed by the Exchange's Board of Directors. Interpretive guidance is subject to change upon the issuance of general written notice, such as through a subsequent Information Memorandum or, of course, rule promulgation or amendment.

Written requests for interpretive guidance should be directed to the attention of the Chief Regulatory Officer at the Exchange's address.