N.J. Admin. Code § 17:4A-23.1
Current through Register Vol. 56, No. 24, December 18, 2024
Section 17:4A-23.1 - Permissible investments(a) Subject to the limitations in this subchapter, the Board may purchase and sell put options, including index-based put options, on behalf of the PFRSNJ, provided that any put option purchased or sold shall be listed on a securities exchange, traded on the over-the-counter market, or be bid/offered on a competitive basis with multiple broker dealers.(b) Subject to the limitations in this subchapter, the Board may execute and subsequently terminate put spreads, provided that the purchased and written put options shall be for the same number of contracts, and shall be listed on a securities exchange, traded on the over-the-counter market, or be bid/offered on a competitive basis with multiple broker dealers.(c) Notwithstanding the restrictions in this subchapter, the Board may approve put options or put spreads on a case-by-case basis if the Board determines such transaction to be in the financial best interest of the PFRSNJ and its beneficiaries and is consistent with the Board's fiduciary responsibility.N.J. Admin. Code § 17:4A-23.1
Adopted by 53 N.J.R. 1147(a), effective 7/6/2021Recodified from 17:4A-23.2 by 56 N.J.R. 795(a) effective 5/6/2024