Notes

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The new guidelines require national securities exchanges, designated contract markets, registered DTEFs, and international boards of trade to collect data to ascertain the market capitalization and greenback value of ADTV for component securities of an index with respect to each day, in sure instances taking into consideration information for the preceding 6 full calendar months. Within the Proposing Release, the SEC estimated that any further costs of retaining and storing the collected data discussed above could be nominal as a result of national securities exchanges, including notice-registered national securities exchanges that have been designated as contract markets by, or registered as DTEFs with, the CFTC, are presently required to have recordkeeping programs in place.159 The SEC received no direct comments on the costs of information retention and storage. The trading of futures contracts on broad-based security indexes might be below the sole jurisdiction of the CFTC and could also be traded only on designated contract markets, and registered DTEFs. https://www.youtube.com/@Coin_universe provides a limited exclusion from the definition of "slender-based security index" for an index underlying a futures contract that has traded for lower than 30 days, as lengthy as the index meets sure specified standards.

New Rule 3a55-2 beneath the Exchange Act excludes from the definition of slim-primarily based safety index these safety indexes on which futures contracts have traded on a chosen contract market, a registered DTEF, or overseas board of commerce for fewer than 30 days and change into slim-primarily based, offered that they meet certain standards. The calculations required underneath the brand new guidelines for market capitalization and greenback worth of ADTV might require extra knowledge storage.173 A nationwide securities exchange, designated contract market, or registered DTEF will want to consider learn how to store the info-whether or not to take care of exhausting copies or digital copies of all the computations. The overall burden in complying with Rule 17a-1 for every national securities exchange, together with discover registered nationwide securities exchanges, beneath new Rule 3a55-1 is subsequently estimated to be 11 hours. The current burden hour estimate for Rule 17a-1, as of July 20, 1998, is 50 hours per 12 months for every exchange.160 Within the Proposing Release, the SEC estimated that it might take every of the eleven nationwide securities exchanges, including discover-registered national securities exchanges, expected to commerce futures contracts on security indexes one hour annually to retain any paperwork made or acquired by it in determining whether or not an index is a narrow-primarily based safety index.

2. https://Bitcoinxxo.com , together with notice-registered national securities exchanges, that trade futures contacts on security indexes might be required to adjust to the recordkeeping necessities below Rule 17a-1. National securities exchanges, including notice-registered nationwide securities exchanges, might be required to retain and retailer any paperwork associated to determinations made utilizing the definitions in Exchange Act Rule 3a55-1 for no less than five years, the first two years in an easily accessible place. These modifications to the principles change somewhat the methodology used to find out whether a security index is narrow-based or broad-based mostly however do not, in any way, alter the recordkeeping burden associated with the preservation of the information of these calculations, i.e., the gathering of knowledge required pursuant to Rule 17a-1 underneath the Exchange Act.152 Any collection of knowledge pursuant to the new guidelines is obligatory and can need to be retained by the nationwide securities exchanges, together with nationwide securities exchanges registered pursuant to Section 6(g) of the Exchange Act ("notice-registered national securities exchanges"), for at least 5 years; for the primary two years, the information must be kept in an simply accessible place, as required below Exchange Act Rule 17a-1. A. The Use and Disclosure of the knowledge Collected The information collected to comply with the strategies to find out market capitalization and greenback worth of ADTV which might be set forth in the final rules is required by the CFMA.

Rule 3a55-1 below the Exchange Act specifies the strategy to determine market capitalization and dollar worth of ADTV with respect to the definition of slender-based mostly security index.156 Thus, the ultimate rule offers the strategies by which a market buying and selling a futures contract on a security index should determine the market capitalization and greenback worth of ADTV to ascertain whether a security index on which it proposes to commerce, or is buying and selling, a futures contract is slender-primarily based, and thus is subject to the joint jurisdiction of the CFTC and the SEC. Under the statutory definition of narrow-based mostly safety index, the market capitalization and greenback worth of ADTV have to be calculated "as of the previous 6 full calendar months." Rule 3a55-1 specifies a "rolling" 6 month interval, i.e., with respect to a selected day, the "preceding 6 full calendar months" will mean the period of time starting on the identical calendar date 6 months before and ending on the day previous to that day.

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