The new guidelines require national securities exchanges, designated contract markets, registered DTEFs, and overseas boards of trade to collect information to ascertain the market capitalization and dollar value of ADTV for part securities of an index with respect to every day, in sure cases considering information for the previous 6 full calendar months. In the Proposing Release, the SEC estimated that any additional costs of retaining and storing the collected info discussed above would be nominal because nationwide securities exchanges, together with discover-registered national securities exchanges which have been designated as contract markets by, or registered as DTEFs with, the CFTC, are at present required to have recordkeeping techniques in place.159 The SEC obtained no direct comments on the prices of knowledge retention and storage. The trading of futures contracts on broad-based mostly security indexes will be under the only jurisdiction of the CFTC and could also be traded solely on designated contract markets, and registered DTEFs. The brand new rule offers a limited exclusion from the definition of "slim-based mostly safety index" for an index underlying a futures contract that has traded for lower than 30 days, as lengthy as the index meets certain specified standards.
New Rule 3a55-2 beneath the Exchange Act excludes from the definition of slim-primarily based safety index these safety indexes on which futures contracts have traded on a designated contract market, a registered DTEF, or overseas board of commerce for fewer than 30 days and become slender-primarily based, supplied that they meet sure standards. The calculations required below the new guidelines for market capitalization and greenback worth of ADTV might require extra knowledge storage.173 A national securities exchange, designated contract market, or registered DTEF will need to think about easy methods to store the data-whether to keep up exhausting copies or digital copies of all of the computations. The entire burden in complying with Rule 17a-1 for each nationwide securities exchange, together with notice registered national securities exchanges, beneath new Rule 3a55-1 is subsequently estimated to be 11 hours. The current burden hour estimate for Rule 17a-1, as of July 20, 1998, is 50 hours per yr for each exchange.160 In the Proposing Release, the SEC estimated that it would take every of the eleven national securities exchanges, including discover-registered national securities exchanges, expected to commerce futures contracts on safety indexes one hour annually to retain any documents made or obtained by it in determining whether an index is a slim-based mostly security index.
2. Burden Hours National securities exchanges, including discover-registered national securities exchanges, that trade futures contacts on security indexes shall be required to comply with the recordkeeping necessities beneath Rule 17a-1. National securities exchanges, including discover-registered national securities exchanges, can be required to retain and retailer any documents associated to determinations made using the definitions in Exchange Act Rule 3a55-1 for at least five years, the first two years in an simply accessible place. https://goldsilberaktiv.com/%EB%B9%84%ED%8A%B8%EC%BD%94%EC%9D%B8%20%EA%B1%B0%EB%9E%98%EC%86%8C:%20%EA%B0%9C%EB%85%90%20%EC%9D%B4%ED%95%B4%EC%9D%98%20%EC%A4%91%EC%9A%94%EC%84%B1 to the foundations change considerably the methodology used to determine whether or not a security index is slim-primarily based or broad-primarily based but do not, in any approach, alter the recordkeeping burden associated with the preservation of the information of these calculations, i.e., the gathering of knowledge required pursuant to Rule 17a-1 underneath the Exchange Act.152 Any collection of information pursuant to the brand new rules is obligatory and can must be retained by the national securities exchanges, including nationwide securities exchanges registered pursuant to Section 6(g) of the Exchange Act ("discover-registered nationwide securities exchanges"), for at least five years; for the primary two years, the knowledge should be saved in an easily accessible place, as required under Exchange Act Rule 17a-1. A. The Use and Disclosure of the data Collected The information collected to comply with the strategies to find out market capitalization and dollar value of ADTV which are set forth in the final rules is required by the CFMA.
Rule 3a55-1 under the Exchange Act specifies the method to determine market capitalization and greenback worth of ADTV with respect to the definition of narrow-based security index.156 Thus, the ultimate rule provides the strategies by which a market buying and selling a futures contract on a safety index must determine the market capitalization and greenback worth of ADTV to ascertain whether a security index on which it proposes to trade, or is trading, a futures contract is slim-based mostly, and thus is subject to the joint jurisdiction of the CFTC and the SEC. Under the statutory definition of slender-primarily based safety index, the market capitalization and dollar value of ADTV have to be calculated "as of the preceding 6 full calendar months." Rule 3a55-1 specifies a "rolling" 6 month interval, i.e., with respect to a particular day, the "preceding 6 full calendar months" will mean the period of time starting on the identical calendar date 6 months before and ending on the day previous to that day.