Proposed Rule to Ban Options in IRAs
Did you know that the U.S. Department of Labor (Department) has issued a proposed rule that would take away the current ability of self-directed individual investors to use listed options in their IRA accounts?
The U.S. Securities Markets Coalition (OCC and the options exchanges) has submitted comments to the Department regarding the proposed rule.
Gary Katz, President and CEO of the International Securities Exchange, testified on August 13 before a U.S. Department of Labor hearing on behalf of the U.S. Securities Markets Coalition on the department's proposed conflict of interest rule, saying that "the proposal would take away the current ability of individual investors to use listed options in their IRA accounts." He also noted that individual investors are significant participants in the listed options market and said that the Coalition is "deeply concerned about preserving the ability of these investors to trade options in their IRAs should they choose to do so."
The comment period for letters on this issue closed September 24. Check back here for updates to the status of the proposal.
Updates from Congress about legislative changes that effect the options industry.
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