The brand new rules require nationwide securities exchanges, designated contract markets, registered DTEFs, and international boards of trade to gather info to ascertain the market capitalization and dollar value of ADTV for part securities of an index with respect to every day, in certain circumstances making an allowance for 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 discussed above can be nominal because national securities exchanges, including discover-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 programs in place.159 The SEC acquired no direct comments on the prices of knowledge retention and storage. The buying and selling of futures contracts on broad-based security indexes will likely be beneath the sole jurisdiction of the CFTC and may be traded solely on designated contract markets, and registered DTEFs. The new rule provides a restricted 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 lengthy as the index meets certain specified criteria.
New Rule 3a55-2 beneath the Exchange Act excludes from the definition of slender-based security index those safety indexes on which futures contracts have traded on a chosen contract market, a registered DTEF, or overseas board of trade for fewer than 30 days and turn into slim-based, provided that they meet certain criteria. https://www.youtube.com/@Coin_universe required underneath the brand new rules for market capitalization and dollar value of ADTV might require extra information storage.173 A nationwide securities exchange, designated contract market, or registered DTEF will need to consider methods to store the info-whether to take care of laborious copies or electronic copies of all the computations. The total burden in complying with Rule 17a-1 for each national securities exchange, including discover registered national securities exchanges, beneath new Rule 3a55-1 is therefore estimated to be 11 hours. https://Coin-viewer.com 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 would take each of the 11 nationwide securities exchanges, including notice-registered national securities exchanges, anticipated to commerce futures contracts on safety indexes one hour annually to retain any documents made or received by it in determining whether or not an index is a slim-primarily based security index.
2. Burden Hours National securities exchanges, including notice-registered national securities exchanges, that trade futures contacts on safety indexes will probably be required to adjust to the recordkeeping requirements below Rule 17a-1. National securities exchanges, together with discover-registered nationwide securities exchanges, will be required to retain and retailer any documents associated to determinations made utilizing the definitions in Exchange Act Rule 3a55-1 for at least 5 years, the first two years in an easily accessible place. https://Bitcoinxxo.com to the foundations change somewhat the methodology used to determine whether a safety index is slender-based or broad-primarily based however don't, in any manner, alter the recordkeeping burden associated with the preservation of the records of those calculations, i.e., the collection of knowledge required pursuant to Rule 17a-1 below the Exchange Act.152 Any assortment of information pursuant to the new rules is necessary and will should be retained by the nationwide securities exchanges, including nationwide securities exchanges registered pursuant to Section 6(g) of the Exchange Act ("discover-registered nationwide securities exchanges"), for no less than five years; for the primary two years, the data should be stored in an simply 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 find out market capitalization and greenback 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 method to determine market capitalization and dollar worth of ADTV with respect to the definition of slender-based mostly safety index.156 Thus, the final rule provides the strategies by which a market buying and selling a futures contract on a safety index must decide the market capitalization and greenback worth of ADTV to ascertain whether a security index on which it proposes to commerce, or is trading, a futures contract is narrow-based mostly, and thus is subject to the joint jurisdiction of the CFTC and the SEC. Under the statutory definition of slender-based mostly safety index, the market capitalization and dollar worth of ADTV have to 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 selected day, the "preceding 6 full calendar months" will mean the time period beginning on the identical calendar date 6 months earlier than and ending on the day previous to that day.