Notes

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The brand new guidelines require national securities exchanges, designated contract markets, registered DTEFs, and foreign boards of commerce to collect info 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 preceding 6 full calendar months. Within the Proposing Release, the SEC estimated that any further prices of retaining and storing the collected information mentioned above can be nominal because nationwide securities exchanges, together with discover-registered nationwide securities exchanges which have been designated as contract markets by, or registered as DTEFs with, the CFTC, are presently required to have recordkeeping systems in place.159 The SEC obtained no direct feedback on the prices of information retention and storage. The trading of futures contracts on broad-based mostly safety indexes shall be under the sole jurisdiction of the CFTC and could also be traded solely on designated contract markets, and registered DTEFs. https://Coin-viewer.com gives a restricted exclusion from the definition of "slender-based mostly security index" for an index underlying a futures contract that has traded for less than 30 days, as lengthy because the index meets sure specified standards.

New Rule 3a55-2 below the Exchange Act excludes from the definition of slim-based security index these security indexes on which futures contracts have traded on a chosen contract market, a registered DTEF, or foreign board of trade for fewer than 30 days and turn out to be slim-based mostly, offered that they meet sure criteria. The calculations required below the brand new guidelines for market capitalization and dollar value of ADTV might require additional knowledge storage.173 A national securities exchange, designated contract market, or registered DTEF will want to think about find out how to store the information-whether to take care of arduous copies or electronic copies of all of the computations. The full burden in complying with Rule 17a-1 for each nationwide securities exchange, together with notice 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 year for every exchange.160 In the Proposing Release, the SEC estimated that it will take each of the eleven nationwide securities exchanges, together with discover-registered national securities exchanges, expected to commerce futures contracts on safety indexes one hour annually to retain any paperwork made or acquired by it in figuring out whether or not an index is a slender-primarily based safety index.

2. Burden Hours National securities exchanges, including notice-registered nationwide securities exchanges, that commerce futures contacts on safety indexes might be required to adjust to the recordkeeping requirements below Rule 17a-1. National securities exchanges, including notice-registered nationwide securities exchanges, shall be required to retain and retailer any documents related to determinations made using the definitions in Exchange Act Rule 3a55-1 for at least 5 years, the primary two years in an easily accessible place. These modifications to the foundations change considerably the methodology used to determine whether a safety index is slim-based or broad-based but do not, in any method, alter the recordkeeping burden related to the preservation of the records of these calculations, i.e., the gathering of information required pursuant to Rule 17a-1 below the Exchange Act.152 Any assortment of data pursuant to the new guidelines is obligatory and can should be retained by the nationwide securities exchanges, together with national securities exchanges registered pursuant to Section 6(g) of the Exchange Act ("discover-registered national securities exchanges"), for a minimum of 5 years; for the primary two years, the data must be stored 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 strategies to determine market capitalization and greenback value of ADTV which are set forth in the final guidelines is required by the CFMA.

Rule 3a55-1 beneath the Exchange Act specifies the method to find out market capitalization and greenback value of ADTV with respect to the definition of slender-primarily based safety index.156 Thus, the ultimate rule provides the methods by which a market buying and selling a futures contract on a safety index must decide the market capitalization and dollar worth 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 slim-based mostly, and thus is subject to the joint jurisdiction of the CFTC and the SEC. Under the statutory definition of slim-primarily based security index, the market capitalization and greenback value of ADTV must be calculated "as of the previous 6 full calendar months." https://Bitcoinxxo.com -1 specifies a "rolling" 6 month period, i.e., with respect to a selected day, the "preceding 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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