Notes

3 Ridiculous Rules About Contract
The brand new guidelines require nationwide securities exchanges, designated contract markets, registered DTEFs, and foreign boards of trade to assemble information to ascertain the market capitalization and dollar worth of ADTV for part securities of an index with respect to every day, in sure instances considering information for the previous 6 full calendar months. Within the Proposing Release, the SEC estimated that any extra costs of retaining and storing the collected information mentioned above would be nominal as a result of nationwide securities exchanges, including notice-registered nationwide securities exchanges that have been designated as contract markets by, or registered as DTEFs with, the CFTC, are presently required to have recordkeeping methods in place.159 The SEC obtained no direct feedback on the costs of data retention and storage. The buying and selling of futures contracts on broad-based safety indexes can be beneath the sole jurisdiction of the CFTC and could also be traded solely on designated contract markets, and registered DTEFs. The new rule gives a restricted exclusion from the definition of "narrow-based safety 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 security index those 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 become narrow-primarily based, supplied that they meet sure standards. The calculations required underneath the brand new rules for market capitalization and dollar worth of ADTV could require additional information storage.173 A nationwide securities exchange, designated contract market, or registered DTEF will want to contemplate find out how to store the information-whether or not to take care of laborious copies or digital copies of all the computations. The overall burden in complying with Rule 17a-1 for each national securities exchange, including notice registered national securities exchanges, below new Rule 3a55-1 is due to this fact estimated to be 11 hours. https://telegra.ph/The-Fundamentals-of-Binance-Which-you-can-Benefit-From-Starting-Today-11-03 for Rule 17a-1, as of July 20, 1998, is 50 hours per 12 months for each exchange.160 Within the Proposing Release, the SEC estimated that it will take each of the 11 national securities exchanges, including notice-registered national securities exchanges, expected to commerce futures contracts on safety indexes one hour annually to retain any documents made or received by it in determining whether an index is a slim-based mostly security index.

2. Burden Hours National securities exchanges, including notice-registered nationwide securities exchanges, that commerce futures contacts on safety indexes can be required to comply with the recordkeeping requirements beneath Rule 17a-1. National securities exchanges, including discover-registered nationwide securities exchanges, will be required to retain and store any documents associated to determinations made utilizing the definitions in Exchange Act Rule 3a55-1 for no less than five years, the primary two years in an easily accessible place. These modifications to the principles change considerably the methodology used to determine whether a security index is slender-based mostly or broad-based but don't, in any manner, alter the recordkeeping burden associated with the preservation of the records of those calculations, i.e., the gathering of data required pursuant to Rule 17a-1 beneath the Exchange Act.152 Any assortment of data pursuant to the brand new guidelines is mandatory and will have to be retained by the nationwide securities exchanges, including nationwide securities exchanges registered pursuant to Section 6(g) of the Exchange Act ("notice-registered nationwide securities exchanges"), for at least five years; for the first two years, the information should be saved in an easily accessible place, as required under Exchange Act Rule 17a-1. A. The Use and Disclosure of the information Collected The knowledge collected to comply with the methods to determine market capitalization and dollar value of ADTV that are set forth in the final rules is required by the CFMA.

Rule 3a55-1 below the Exchange Act specifies the strategy to find out market capitalization and dollar value of ADTV with respect to the definition of slender-primarily based security index.156 Thus, the ultimate rule offers the methods by which a market trading a futures contract on a safety index must decide the market capitalization and dollar worth of ADTV to ascertain whether or not a security index on which it proposes to trade, or is trading, 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 slender-based safety index, the market capitalization and greenback value of ADTV must be calculated "as of the previous 6 full calendar months." Rule 3a55-1 specifies a "rolling" 6 month period, i.e., with respect to a selected day, the "preceding 6 full calendar months" will imply the time period starting on the identical calendar date 6 months before and ending on the day previous to that day.

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