The brand new rules require national securities exchanges, designated contract markets, registered DTEFs, and international boards of commerce to collect information to ascertain the market capitalization and greenback worth of ADTV for element securities of an index with respect to each day, in certain circumstances considering information for the preceding 6 full calendar months. In the Proposing Release, the SEC estimated that any extra costs of retaining and storing the collected info discussed above can be nominal as a result of nationwide securities exchanges, including notice-registered national securities exchanges that have been designated as contract markets by, or registered as DTEFs with, the CFTC, are at the moment required to have recordkeeping programs in place.159 The SEC received no direct comments on the prices of knowledge retention and storage. https://Bitcoinxxo.com trading of futures contracts on broad-based safety indexes can be below the only real jurisdiction of the CFTC and could also be traded solely on designated contract markets, and registered DTEFs. The new rule gives a limited exclusion from the definition of "slender-based mostly security index" for an index underlying a futures contract that has traded for lower than 30 days, as long because the index meets sure specified criteria.
New Rule 3a55-2 under the Exchange Act excludes from the definition of narrow-primarily based safety index these safety indexes on which futures contracts have traded on a delegated contract market, a registered DTEF, or international board of commerce for fewer than 30 days and turn out to be slender-primarily based, offered that they meet sure standards. The calculations required below the brand new rules for market capitalization and dollar value of ADTV could require additional information storage.173 A national securities exchange, designated contract market, or registered DTEF will need to think about methods to store the info-whether or not to maintain arduous copies or electronic copies of all the computations. The whole burden in complying with Rule 17a-1 for every national securities exchange, including discover registered nationwide securities exchanges, beneath new Rule 3a55-1 is subsequently estimated to be eleven hours. The present burden hour estimate for Rule 17a-1, as of July 20, 1998, is 50 hours per year for each exchange.160 Within the Proposing Release, the SEC estimated that it might take every of the eleven nationwide securities exchanges, together with discover-registered national securities exchanges, expected to trade futures contracts on safety indexes one hour yearly to retain any documents made or acquired by it in figuring out whether or not an index is a narrow-primarily based safety index.
2. https://Coin-viewer.com , including notice-registered nationwide securities exchanges, that commerce futures contacts on safety indexes might be required to adjust to the recordkeeping necessities below Rule 17a-1. National securities exchanges, including discover-registered national securities exchanges, will probably be required to retain and store any paperwork associated to determinations made using the definitions in Exchange Act Rule 3a55-1 for at least 5 years, the first two years in an simply accessible place. These modifications to the foundations change considerably the methodology used to determine whether or not a security index is narrow-based mostly or broad-based mostly but do not, in any approach, alter the recordkeeping burden related to the preservation of the information of these calculations, i.e., the collection of information required pursuant to Rule 17a-1 below the Exchange Act.152 Any collection of information pursuant to the brand new guidelines is necessary and can must 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 primary two years, the information must be stored in an simply accessible place, as required under Exchange Act Rule 17a-1. A. The Use and Disclosure of the knowledge Collected The knowledge collected to adjust to the strategies to determine market capitalization and greenback worth of ADTV which can be set forth in the ultimate guidelines is required by the CFMA.
Rule 3a55-1 underneath the Exchange Act specifies the strategy to determine market capitalization and dollar value of ADTV with respect to the definition of narrow-primarily based safety index.156 Thus, the final rule gives the methods by which a market buying and selling a futures contract on a security index should determine 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 slender-based mostly, and thus is topic to the joint jurisdiction of the CFTC and the SEC. Under https://www.youtube.com/@Coin_universe of slender-based mostly safety index, the market capitalization and greenback value of ADTV must 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 particular day, the "previous 6 full calendar months" will mean the time period starting on the same calendar date 6 months earlier than and ending on the day prior to that day.