# Regulation

Below are the rules of Cboe BZX Exchange, Inc. ("BZX Equities"), including the Cboe BZX options market ("BZX Options"), Cboe BYX Exchange, Inc. ("BYX Equities"), Cboe EDGA Exchange, Inc. ("EDGA Equities"), Cboe EDGX Exchange, Inc. ("EDGX Equities"), including the Cboe EDGX options market ("EDGX Options") (collectively, the "Cboe Exchanges"). The SEC regulates the Cboe Exchanges as national securities exchanges, and all four exchanges also have status as self-regulatory organizations ("SROs").

**Equities Rules**: Rules applicable to membership and trading on the BZX equities platform and EDGX equities platform are contained in Chapters I – XV of each exchange’s Rulebook. Rules applicable to membership and trading on BYX and EDGA are contained in Chapters I – XV of each exchange’s Rulebook.

**Options Rules**: The specific rules applicable to membership and trading on BZX Options and EDGX Options are contained in Chapters XVI – XXIX of the each exchange’s Rulebook, provided, however, that Chapters I – XV are applicable to Options Members unless specific rules relating to options trading govern or the context otherwise requires.

### Fees and Incentives

### Exchange Rules

- BZX Exchange Rule Book
- BYX Exchange Rule Book
- EDGA Exchange Rule Book
- EDGX Exchange Rule Book
- Transitional BZX Rule Book eff. Prior to June 7 (see rule filing SR-CboeBZX-2020-040)
- Transitional BYX Rule Book eff. Prior to June 7 (see rule filing SR-CboeBYX-2020-015)
- Transitional EDGA Rule Book eff. Prior to June 7 (see rule filing SR-CboeEDGA-2020-014)
- Transitional EDGX Rule Book eff. Prior to June 7 (see rule filing SR-CboeEDGX-2020-022)

### Regulatory Independence

- Regulatory Independence Policy For Regulatory Group Personnel
- Regulatory Independence Policy For Non-Regulatory Group Personnel

### Related Information

- Amended and Restated Limited Liability Company Operating Agreement of Direct Edge LLC
- Limited Liability Company Certificate of Formation of Direct Edge LLC
- Amended and Restated Bylaws of Bats Global Markets Holdings, Inc.
- Certificate of Amendment of Certificate of Incorporation of Bats Global Markets Holdings, Inc.
- Limit Up/Limit Down FAQ
- Third Amended and Restated Certificate of Incorporation of Cboe BZX Exchange, Inc.
- Ninth Amended and Restated Bylaws of Cboe BZX Exchange, Inc.
- Third Amended and Restated Certificate of Incorporation of Cboe BYX Exchange, Inc.
- Ninth Amended and Restated Bylaws of Cboe BYX Exchange, Inc.
- Fourth Amended and Restated Certificate of Incorporation of Cboe EDGX Exchange, Inc.
- Tenth Amended and Restated Bylaws of Cboe EDGX Exchange, Inc.
- Fourth Amended and Restated Certificate of Incorporation of Cboe EDGA Exchange, Inc.
- Tenth Amended and Restated Bylaws of Cboe EDGA Exchange, Inc.
- Bats Client Suspension Rule Announcement
- Bats Client Suspension Rule - SEC Approval Order
- Amended and Restated Certificate of Formation of Cboe V, LLC
- Amended and Restated LLC Operating Agreement of Cboe Bats, LLC
- Third Amended and Restated Certificate of Incorporation of CBOE Holdings, Inc.
- Fifth Amended and Restated Bylaws of Cboe Global Markets, Inc.

# Cboe Client Suspension Rule

The Cboe Client Suspension Rule serves to assist in taking swift action to prohibit manipulative behavior, such as spoofing and layering, on the Cboe U.S. Equities Exchanges.

The Rule was approved by the Securities and Exchange Commission (SEC) in February 2016, and was a first of its kind in the U.S. equities markets.

Under normal disciplinary processes, disruptive quoting and trading practices, while identified quickly, can sometimes take months or even several years to reach a final resolution.

With the Cboe Client Suspension Rule, this resolution process is expedited to allow Cboe regulators to stop ongoing manipulative behavior in a much shorter period of time.

The Rule targets problematic and recurring activities that Cboe believes are most frequently undertaken by small groups of day traders, often located in foreign jurisdictions, and that potentially hinder an exchange's ability to respond in a timely manner.

Cboe developed the Client Suspension Rule with the belief that regulators should have the proper tools to stop such disruptive quoting and trading behavior as quickly as possible for the benefit of all investors.

The Rule works to preserve Cboe U.S. Equities Exchange Members' due process rights through expedited notice and an opportunity to be heard by an impartial Hearing Officer.

The Cboe Client Suspension Rule is part of an ongoing effort to prohibit manipulative behavior on our markets. Most recently, Cboe introduced its U.S. Regulatory Complaints, Tips and Referrals Form to work in coordination with Members, TPHs and market participants of the Exchanges on identifying these types of behavior in the U.S. markets.