{"data":{"id":"us-tx/tex.-government-code-4005.023","jurisdiction":"us-tx","citation":"Tex. Government Code § 4005.023","heading":"OPTIONS.","body":"(a) In this section, \"option\" means and includes a put, call, straddle, or other option or privilege of buying from another person or selling to another person a specified number of securities at a specified price, without being obligated to do so, on or before a specified date. The term does not include an option or privilege that by its terms may terminate before the specified date on the occurrence of a specified event.\n(b) The exemption provided by Section 4005.001 applies to a sale of an option by or through a registered dealer if, at the time of the sale:\n(1) the performance of the terms of the option is guaranteed by a broker-dealer registered under the Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.);\n(2) the guaranty and broker-dealer described by Subdivision (1) are in compliance with any requirements or rules adopted or approved by the board;\n(3) the option is not sold by or for the benefit of the issuer of the security that may be purchased or sold on exercise of the option;\n(4) the security that may be purchased or sold on exercise of the option is either:\n(A) exempted under Section 4005.054; or\n(B) quoted on the NASDAQ stock market and meets the requirements of Sections 4005.019(b)(1), (6), (7), and (8); and\n(5) the sale is not directly or indirectly for the purposes of providing or furthering a scheme to violate or evade this title.\nAdded by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.","path":["GOVERNMENT CODE","TITLE 12. SECURITIES ACT","CHAPTER 4005. EXEMPTIONS","SUBCHAPTER A. EXEMPT TRANSACTIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4005.htm#4005.023","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"6ad82e5e5edcce3379082ddecc6cb982d9012f6928221d6491c9aa33bbdc0cb4","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-4005.022","next":"us-tx/tex.-government-code-4005.024"},"notice":"GroundRules: Original legal text. Not legal advice."}