The new guidelines require national securities exchanges, designated contract markets, registered DTEFs, and international boards of trade to collect information to ascertain the market capitalization and dollar value of ADTV for element securities of an index with respect to every day, in certain circumstances considering data for the previous 6 full calendar months. Within the Proposing Release, the SEC estimated that any further costs of retaining and storing the collected information discussed above could be nominal as a result of national securities exchanges, including discover-registered nationwide securities exchanges which were designated as contract markets by, or registered as DTEFs with, the CFTC, are presently required to have recordkeeping techniques in place.159 The SEC obtained no direct comments on the prices of information retention and storage. The buying and selling of futures contracts on broad-based security indexes will be beneath the only jurisdiction of the CFTC and may be traded only on designated contract markets, and registered DTEFs. The brand new rule gives a limited exclusion from the definition of slender-primarily based safety index for an index underlying a futures contract that has traded for less than 30 days, as long as the index meets certain specified standards. New Rule 3a55-2 under the Exchange Act excludes from the definition of slender-based mostly security index those safety 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 narrow-based, provided that they meet sure standards. The calculations required beneath the new guidelines for market capitalization and dollar worth of ADTV could require further information storage.173 A nationwide securities exchange, designated contract market, or registered DTEF will want to think about methods to retailer the info-whether to keep up onerous copies or digital copies of all of the computations. The overall burden in complying with Rule 17a-1 for each nationwide securities exchange, including discover registered nationwide securities exchanges, under new Rule 3a55-1 is subsequently estimated to be eleven 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 every 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 paperwork made or acquired by it in figuring out whether an index is a slim-primarily based safety index. 2. Burden Hours National securities exchanges, including discover-registered national securities exchanges, that trade futures contacts on security indexes will likely be required to adjust to the recordkeeping necessities beneath Rule 17a-1. National securities exchanges, together with notice-registered nationwide securities exchanges, can be required to retain and store any paperwork associated to determinations made utilizing the definitions in Exchange Act Rule 3a55-1 for at least 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 slim-based mostly or broad-based mostly however do not, in any means, alter the recordkeeping burden associated with the preservation of the data of these calculations, i.e., the gathering of data required pursuant to Rule 17a-1 under the Exchange Act.152 Any assortment of data pursuant to the brand new rules is necessary and can must be retained by the national securities exchanges, including national securities exchanges registered pursuant to Section 6(g) of the Exchange Act (discover-registered nationwide securities exchanges), for a minimum of 5 years; for the primary two years, the data should be stored in an easily accessible place, as required below Exchange Act Rule 17a-1. A. The Use and Disclosure of the knowledge Collected The data collected to adjust to the strategies to find out market capitalization and greenback value of ADTV which are set forth in the final rules is required by the CFMA. Rule 3a55-1 below the Exchange Act specifies the method to find out market capitalization and greenback worth of ADTV with respect to the definition of narrow-based mostly safety index.156 Thus, the final rule supplies the methods by which a market buying and selling a futures contract on a safety index should 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 narrow-based, and thus is subject to the joint jurisdiction of the CFTC and the SEC. Under the statutory definition of slim-primarily based safety index, the market capitalization and greenback value of ADTV must be calculated as of the preceding 6 full calendar months. https://Bitcoinxxo.com -1 specifies a rolling 6 month interval, i.e., with respect to a selected day, the preceding 6 full calendar months will imply the time period starting on the same calendar date 6 months before and ending on the day prior to that day.
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