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These rules provide methods of calculation and steering for national securities exchanges, designated contract markets, registered DTEFs, and overseas boards of commerce in determining whether a safety index is slim-based below the Exchange Act. Securities Markets Coalition ("Coalition"),139 raised considerations over sure tax implications that these markets consider end result from the definition of slender-based security index and the foundations as proposed. In addition, the SEC believes that it's not empowered to undertake the equivalent of CEA Rule 41.14 below the Exchange Act, which provides relief for futures on indexes that become broad-based mostly, because the SEC has no jurisdiction over broad-based mostly safety index futures. The SEC also obtained several comments regarding potential costs that may be incurred except completely different criteria for the definition of narrow-based safety index are adopted to accommodate indexes comprised of foreign securities.170 The SEC notes that the Commissions have adopted Rules 41.13 below the CEA and 3a55-3 beneath the Exchange Act, which set up that when a futures contract on a safety index is traded on or topic to the foundations of a overseas board of trade, that index will not be thought-about a slim-based safety index if it would not be a narrow-based mostly security index if a futures contract on such index were traded on a delegated contract market or registered DTEF.

Two commenters raised points concerning the therapy of futures on Exchange Traded Funds.140 The Commissions consider that these issues fall outside the scope of the current rulemaking and is not going to address them in this context. The current burden hour estimate 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 might take each of the 11 nationwide securities exchanges, together with notice-registered nationwide securities exchanges, anticipated to trade futures contracts on security indexes one hour annually to retain any paperwork made or received by it in figuring out whether or not an index is a slender-primarily based security index. As to the determination of which indexes qualify as broad-primarily based and which are treated as slim-based, the tax legal guidelines incorporate by reference the definition of narrow-primarily based security index within the Exchange Act. 2. https://eurembal.com/%EB%B0%94%EC%9D%B4%EB%82%B8%EC%8A%A4%20%ED%8E%80%EB%94%A9%20%EC%88%98%EC%88%98%EB%A3%8C:%20%EA%B8%B0%EB%B3%B8%20%EC%82%AC%ED%95%AD%20%EC%95%8C%EC%95%84%EB%B3%B4%EA%B8%B0 , including discover-registered national securities exchanges, that commerce futures contacts on security indexes might be required to comply with the recordkeeping requirements underneath Rule 17a-1. National securities exchanges, together with discover-registered nationwide securities exchanges, will be required to retain and store any paperwork related to determinations made utilizing the definitions in Exchange Act Rule 3a55-1 for a minimum of 5 years, the first two years in an simply accessible place.

The CFMA requires that the determinations as to market capitalization and greenback worth of ADTV, and thus the standing of a securities index as narrow-primarily based or broad-primarily based, be made, whereas Exchange Act Rule 17a-1 merely requires that such determinations be retained. Accordingly, to adjust to these recordkeeping necessities, a nationwide securities exchange, together with a discover-registered national securities exchange, that lists or trades futures contracts on slim-based safety indexes will likely be required to preserve records of any calculations used to find out whether or not an index is slender-based.158 B. Total Annual Reporting and Recordkeeping Burden 1. Capital Costs Rule 17a-1 beneath the Exchange Act requires a nationwide securities exchange, including any discover-registered national securities exchange, that trades futures contracts on a narrow-based mostly security index to keep on file for a interval of no lower than five years, the primary two years in an simply accessible place, all records concerning their determinations that such indexes were slim-primarily based. This commenter famous that a single compiler of the lists will lead to consistent remedy of futures on security indexes.

The CFMA lifted the ban on the trading of futures on single securities and on narrow-based mostly security indexes and established a framework for the joint regulation of these merchandise by the CFTC and the SEC. The CFTC believes good trigger exists for the foundations to change into efficient on August 21, 2001, so that eligible contract individuals might start trading the new merchandise as contemplated by the CFMA. https://m.blog.naver.com/ajjuguru/ gives that principal-to-principal transactions between certain eligible contract participants in safety futures products might commence on August 21, 2001, or such date that a futures affiliation registered below Section 17 of the CEA meets the requirements in Section 15A(k)(2) of the Exchange Act.143 The CFMA lifted the ban on, and permits the trading of, futures contracts on single securities and on narrow-primarily based safety indexes. The SEC proposed these rules on May 17, 2001. The preliminary remark period for the rules expired on June 18, 2001. The comment period, nonetheless, was prolonged by the CFTC and the SEC until July 11, 2001. After reviewing and considering the feedback acquired, the SEC is adopting the principles, which provide the methods for markets to determine whether or not a safety index is slim-primarily based or broad-based as required by the Exchange Act, as amended by the CFMA.

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