The new rules require nationwide securities exchanges, designated contract markets, registered DTEFs, and overseas boards of commerce to collect info to ascertain the market capitalization and dollar worth of ADTV for component securities of an index with respect to each day, in certain instances taking into account information for the preceding 6 full calendar months. In https://Bitcoinxxo.com Proposing Release, the SEC estimated that any extra prices of retaining and storing the collected data discussed above would be nominal as a result of national securities exchanges, together with notice-registered national securities exchanges which have been designated as contract markets by, or registered as DTEFs with, the CFTC, are currently required to have recordkeeping programs in place.159 The SEC received no direct feedback on the prices of information retention and storage. https://Coin-viewer.com and selling of futures contracts on broad-primarily based security indexes can be under the sole jurisdiction of the CFTC and may be traded solely on designated contract markets, and registered DTEFs. The brand new rule supplies a limited exclusion from the definition of "slim-primarily based 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 under the Exchange Act excludes from the definition of slender-based mostly security index these security indexes on which futures contracts have traded on a delegated contract market, a registered DTEF, or overseas board of trade for fewer than 30 days and develop into slender-based mostly, supplied that they meet sure criteria. The calculations required underneath the brand new guidelines for market capitalization and dollar worth of ADTV might require further data storage.173 A nationwide securities exchange, designated contract market, or registered DTEF will need to contemplate the best way to store the info-whether to take care of hard copies or electronic copies of all of the computations. The total burden in complying with Rule 17a-1 for each nationwide securities exchange, together with notice registered national securities exchanges, under new Rule 3a55-1 is due to this fact 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 Within the Proposing Release, the SEC estimated that it will take every of the eleven nationwide securities exchanges, together with discover-registered national securities exchanges, anticipated to commerce futures contracts on safety indexes one hour annually to retain any documents made or obtained by it in determining whether or not an index is a slender-based mostly safety index.
2. Burden Hours National securities exchanges, together with discover-registered nationwide securities exchanges, that trade futures contacts on safety indexes will probably be required to comply with the recordkeeping necessities under Rule 17a-1. National securities exchanges, including notice-registered national securities exchanges, will be required to retain and retailer any documents associated to determinations made using the definitions in Exchange Act Rule 3a55-1 for no less than 5 years, the primary two years in an easily accessible place. https://www.youtube.com/@Coin_universe to the principles change considerably the methodology used to find out whether a security index is slim-primarily based or broad-based but do not, in any approach, alter the recordkeeping burden associated with the preservation of the data of those calculations, i.e., the collection of data required pursuant to Rule 17a-1 beneath the Exchange Act.152 Any collection of information pursuant to the brand new rules is necessary and can have to be retained by the national securities exchanges, including national securities exchanges registered pursuant to Section 6(g) of the Exchange Act ("notice-registered nationwide securities exchanges"), for a minimum of 5 years; for the first two years, the knowledge should be kept in an simply accessible place, as required beneath Exchange Act Rule 17a-1. A. The Use and Disclosure of the information Collected The information collected to adjust to the strategies to determine market capitalization and dollar worth of ADTV which might be set forth in the ultimate guidelines is required by the CFMA.
Rule 3a55-1 under the Exchange Act specifies the tactic to determine market capitalization and greenback worth of ADTV with respect to the definition of narrow-based mostly security index.156 Thus, the ultimate rule supplies the methods by which a market buying and selling a futures contract on a security index should decide the market capitalization and dollar value of ADTV to ascertain whether or not a safety index on which it proposes to commerce, or is trading, a futures contract is slim-primarily based, and thus is subject to the joint jurisdiction of the CFTC and the SEC. Under the statutory definition of narrow-based mostly security index, the market capitalization and dollar worth of ADTV have to be calculated "as of the previous 6 full calendar months." Rule 3a55-1 specifies a "rolling" 6 month period, i.e., with respect to a specific day, the "previous 6 full calendar months" will imply the time frame beginning on the same calendar date 6 months earlier than and ending on the day prior to that day.