Notes

4 Ridiculous Rules About Contract
The new rules require national securities exchanges, designated contract markets, registered DTEFs, and foreign boards of trade to gather information to ascertain the market capitalization and greenback worth of ADTV for element securities of an index with respect to each day, in certain cases considering knowledge for the previous 6 full calendar months. Within the Proposing Release, the SEC estimated that any extra prices of retaining and storing the collected information mentioned above can be nominal as a result of nationwide securities exchanges, including discover-registered nationwide securities exchanges which were designated as contract markets by, or registered as DTEFs with, the CFTC, are at the moment required to have recordkeeping systems in place.159 The SEC acquired no direct feedback on the prices of knowledge retention and storage. The buying and selling of futures contracts on broad-based mostly security indexes might be below the only jurisdiction of the CFTC and may be traded only on designated contract markets, and registered DTEFs. The brand new rule gives a restricted exclusion from the definition of "narrow-based mostly 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 criteria.

New Rule 3a55-2 below the Exchange Act excludes from the definition of slim-based mostly safety index these security indexes on which futures contracts have traded on a chosen contract market, a registered DTEF, or foreign board of commerce for fewer than 30 days and change into narrow-based, supplied that they meet certain criteria. The calculations required under the brand new rules for market capitalization and dollar worth of ADTV might require additional knowledge storage.173 A national securities exchange, designated contract market, or registered DTEF will want to think about easy methods to store the info-whether to take care of onerous copies or electronic copies of all of the computations. The total burden in complying with Rule 17a-1 for each nationwide securities exchange, including notice registered nationwide securities exchanges, under new Rule 3a55-1 is therefore estimated to be eleven hours. The current burden hour estimate for Rule 17a-1, as of July 20, 1998, is 50 hours per 12 months for each exchange.160 In the Proposing Release, the SEC estimated that it might take every of the eleven nationwide securities exchanges, together with notice-registered nationwide securities exchanges, expected to trade futures contracts on safety indexes one hour yearly to retain any documents made or received by it in figuring out whether an index is a slender-based safety index.

2. Burden Hours National securities exchanges, together with discover-registered national securities exchanges, that trade futures contacts on security indexes can be required to adjust to the recordkeeping necessities underneath Rule 17a-1. https://genshin-matome.com/contents/%eb%b0%94%ec%9d%b4%eb%b9%84%ed%8a%b8-%ec%88%98%ec%88%98%eb%a3%8c%ec%99%80-%ec%a0%84%ec%b2%b4-%ea%b5%ac%ec%a1%b0/ , together with notice-registered nationwide securities exchanges, will likely be required to retain and retailer any documents associated to determinations made using the definitions in Exchange Act Rule 3a55-1 for at least five years, the primary two years in an easily accessible place. These modifications to the rules change somewhat the methodology used to determine whether or not a safety index is narrow-based or broad-primarily based however do not, in any means, alter the recordkeeping burden associated with the preservation of the information of those calculations, i.e., the gathering of knowledge required pursuant to Rule 17a-1 under the Exchange Act.152 Any collection of data pursuant to the brand new rules is necessary and will have 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 nationwide securities exchanges"), for a minimum of five years; for the first two years, the data should be saved in an easily accessible place, as required under Exchange Act Rule 17a-1. A. The Use and Disclosure of the data Collected The knowledge collected to comply with the methods to determine market capitalization and dollar value of ADTV which might be set forth in the ultimate guidelines is required by the CFMA.

Rule 3a55-1 below the Exchange Act specifies the strategy to determine market capitalization and dollar value of ADTV with respect to the definition of narrow-based mostly security index.156 Thus, the final rule gives the methods by which a market buying and selling a futures contract on a safety index should decide the market capitalization and greenback value of ADTV to ascertain whether or not a safety index on which it proposes to commerce, or is buying and selling, a futures contract is narrow-based mostly, and thus is topic to the joint jurisdiction of the CFTC and the SEC. Under the statutory definition of slim-based mostly security index, the market capitalization and greenback value of ADTV have to be calculated "as of the preceding 6 full calendar months." Rule 3a55-1 specifies a "rolling" 6 month period, i.e., with respect to a specific day, the "previous 6 full calendar months" will mean the period of time beginning on the identical calendar date 6 months before and ending on the day prior to that day.

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