Regulatory Observer is one of nine Exchange participant classes.
The Exchange refers to this class as GX-RO. It sits in the Corridor & Oversight group and carries the obligations set out below in addition to the requirements common to every participant.
Admission test: A statutory supervisory mandate, an information-sharing arrangement with the Exchange, and named officers bound by the Exchange confidentiality regime.
Exchange Designation
Class Group
Public Register Entry
Rule Change Notice
Obligations of the Class
What it does
Regulatory Observers hold read access to trading, custody and settlement records for activity within their jurisdiction. Supervision does not have to wait for a quarterly return.
Scope of access
Access is bounded by jurisdiction and by subject matter. It is logged, and the log is available to the Exchange board and to the observer's own oversight.
No trading rights
Regulatory Observers hold no trading, clearing or delivery rights and take no position on any Exchange contract.
Reciprocity
Observers notify the Exchange of enforcement action affecting an admitted member so that membership standing and the public register stay accurate.
Standing
Published
Admission, restriction, suspension and withdrawal for this class are published on the participant register with the effective date and the rulebook section relied on.
Reviewed annually
Standing is reviewed every year against the admission test, and at any time on a material change in the participant's circumstances.
Appealable
Adverse decisions may be referred to the Exchange review panel, which sits independently of the desk that made the original determination.
