81 FR 51530 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide Web-Based Delivery of the Continuing Education Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 150 (August 4, 2016)
Federal Register Volume 81, Issue 150 (August 4, 2016)
| Page Range | 51530-51532 | |
| FR Document | 2016-18473 |
[Federal Register Volume 81, Number 150 (Thursday, August 4, 2016)] [Notices] [Pages 51530-51532] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18473] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78446; File No. SR-CHX-2016-12] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide Web-Based Delivery of the Continuing Education Program July 29, 2016. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\, and Rule 19b-4\2\ thereunder, notice is hereby given that on July 20, 2016, the Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change CHX proposes to amend the Rules of the Exchange (``CHX Rules'') to provide for web-based delivery of the continuing education (``CE'') program (``CE Online System'').\3\ --------------------------------------------------------------------------- \3\ The proposed rule change is based on a recent FINRA filing adopting web-based delivery of the CE Regulatory Element program. See Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule Change to Provide a Web-based Delivery Method for Completing the Regulatory Element of the Continuing Education Requirements) (SR-FINRA-2015- 015). --------------------------------------------------------------------------- CHX has designated this proposed rule change as non-controversial pursuant to section 19(b)(3)(A) \4\ of the Act and Rule 19b-4(f)(6) \5\ thereunder and has provided the Commission with the notice required by Rule 19b-4(f)(6)(iii).\6\ --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(3)(A). \5\ 17 CFR 240.19b-4(f)(6). \6\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The text of this proposed rule change is available on the Exchange's Web site at (www.chx.com) and in the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the CHX included statements concerning the purpose of and basis for the proposed rule changes and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The CHX has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The CE requirement under current Article 6, Rule 11 consists of a Regulatory Element \7\ and a Firm Element.\8\ The Regulatory Element applies to all registered persons and consists of periodic computer- based training on regulatory, compliance, ethical, and supervisory subjects and sales practice standards, which must be completed with prescribed timeframes.\9\ Current Article 6, Rule 11(a)(3) provides that the Exchange offers the following Regulatory Elements for Exchange registered persons: The S201 Supervisor Program for registered principals and supervisors; The S501 Series 56 Proprietary Trader Continuing Education Program for Series 56 registered persons; \10\ and the S101 General Program for Series 7 and all other registered persons. --------------------------------------------------------------------------- \7\ See CHX Article 6, Rule 11(a). \8\ See CHX Article 6, Rule 11(b). \9\ See to CHX Article 6, Rule 11(a) \10\ The Exchange intends on filing a proposed rule change to, among other things, replace the Proprietary Trader registration category and the corresponding Series 56 exam and the S501 Proprietary Trader Continuing Education Program for Series 56 registered persons with the Securities Trader registration category and the corresponding Series 57 exam and require such Series 57 registered persons to take the S101 General Program to fulfill the Regulatory Element requirement, as the Series 56 was replaced with the Series 57 exam by FINRA, effective January 4, 2016. See Securities Exchange Act Release No. 75783 (August 28, 2015), 80 FR 53369 (September 3, 2015) (Order Approving a Proposed Rule Change To Establish the Securities Trader and Securities Trader Principal Registration Categories) (SR-FINRA-2015-017). --------------------------------------------------------------------------- Given that test center delivery is no longer available for individuals other than those individuals that require accommodations due to a disability,\11\ the Exchange proposes to adopt Article 6, Rule 11(a)(4), which states that the continuing education Regulatory Element will be administered through Web-based delivery or such other technological manner and format as specified by the Exchange.\12\ Should the Exchange determine to administer the Regulatory Element through a delivery mechanism other than as described under this proposed rule change, the Exchange would notify the Commission and would need to file a further rule change with the Commission. --------------------------------------------------------------------------- \11\ As of July 1, 2016, FINRA required all participants to complete their Regulatory Element session using the CE Online System; provided that certain participants who, pursuant to the Americans with Disabilities Act, that [sic] need accommodations in completing their session due to a disability may apply for an accommodation and complete their session at a test center. See Securities Exchange Act Release No. 78281 (July 11, 2016), 81 FR 46133 (July 15, 2016) (SR-FINRA-2016-025); see also Americans with Disabilities Act of 1990, Public Law 101-336, 104 Stat. 328 (1990). \12\ The Exchange intends on filing a proposed rule change to amend its fee schedule to reduce the cost of the Regulatory Element from $100 to $55 to be consistent with Section 4(f) of the Schedule A to the FINRA By-Laws. --------------------------------------------------------------------------- Before commencing a Web-based session, each candidate will be required to agree to the Rules of Conduct for Web-based delivery. Among other things, the Rules of Conduct will require each candidate to attest that he or she is in fact the person who is taking the Web-based session. The Rules of Conduct will also require that each candidate agree that the Regulatory Element content is intellectual property and that the content cannot be copied or redistributed by any means. If the Exchange discovers that a candidate has violated the Rules of Conduct, the candidate will forfeit the results of the Web-based session and may be subject to disciplinary action by the Exchange. Violation of the Rules of Conduct will [[Page 51531]] be considered conduct inconsistent with just and equitable principles of trade, in violation of Article 9, Rule 2. The Exchange is not proposing any changes to the Firm Element requirements under Article 6, Rule 11(b). 2. Statutory Basis The Exchange believes that its proposal is consistent with section 6(b) of the Act \13\ in general, and furthers the objectives of section 6(b)(5) of the Act \14\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the section 6(b)(5) requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers and section 6(c)(3) \15\ of the Act, which authorizes the Exchange to, among other things, prescribe standards of financial responsibility or operational capability and standards of training, experience and competence for its members and persons associated with members. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78(f)(b). \14\ 15 U.S.C. 78(f)(b)(5). \15\ 15 U.S.C. 78(f)(b)[sic](3). --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed rule change will improve Participants' compliance efforts and will allow registered persons to spend a greater amount of time on the review of CE materials and potentially achieve better learning outcomes, which will in turn enhance investor protection. Further, while the proposed rule change will provide more flexibility to members and registered persons, it will maintain the integrity of the Regulatory Element program and the CE program in general. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the Exchange believes that the harmonization of the Regulatory Element delivery requirements across the various markets will reduce burdens on competition by removing impediments to participation in the national market system. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to section 19(b)(3)(A) \16\ of the Act and Rule 19b- 4(f)(6) thereunder.\17\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \18\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \19\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative upon filing. According to the Exchange, test-center delivery of the CE Regulatory Element is no longer available for all individuals other than those who qualify for special accommodations.\20\ The Exchange wishes to amend its rules to reflect this change as soon as practicable. Based on the foregoing, the Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\21\ --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6). \19\ 17 CFR 240.19b-4(f)(6)(iii). \20\ See supra note 11. \21\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-CHX-2016-12 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File No. SR-CHX-2016-12. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the CHX. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR-CHX-2016- [[Page 51532]] 12 and should be submitted on or before August 25, 2016. --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-18473 Filed 8-3-16; 8:45 am] BILLING CODE 8011-01-P
![51530 Federal Register / Vol. 81, No. 150 / Thursday, August 4, 2016 / Notices
public in accordance with the education (‘‘CE’’) program (‘‘CE Online registered persons; 10 and the S101
provisions of 5 U.S.C. 552, will be System’’).3 General Program for Series 7 and all
available for Web site viewing and CHX has designated this proposed other registered persons.
printing in the Commission’s Public rule change as non-controversial Given that test center delivery is no
Reference Room, 100 F Street NE., pursuant to section 19(b)(3)(A) 4 of the longer available for individuals other
Washington, DC 20549, on official Act and Rule 19b–4(f)(6) 5 thereunder than those individuals that require
business days between the hours of and has provided the Commission with accommodations due to a disability,11
10:00 a.m. and 3:00 p.m. Copies of the the notice required by Rule 19b– the Exchange proposes to adopt Article
filing also will be available for 4(f)(6)(iii).6 6, Rule 11(a)(4), which states that the
inspection and copying at the principal The text of this proposed rule change continuing education Regulatory
office of the Exchange. All comments is available on the Exchange’s Web site Element will be administered through
received will be posted without change; at (www.chx.com) and in the Web-based delivery or such other
the Commission does not edit personal Commission’s Public Reference Room. technological manner and format as
identifying information from specified by the Exchange.12 Should the
II. Self-Regulatory Organization’s Exchange determine to administer the
submissions. You should submit only
Statement of the Purpose of, and Regulatory Element through a delivery
information that you wish to make
Statutory Basis for, the Proposed Rule mechanism other than as described
available publicly. All submissions
Change under this proposed rule change, the
should refer to File Number SR–IEX–
2016–03 and should be submitted on or In its filing with the Commission, the Exchange would notify the Commission
before August 25, 2016. CHX included statements concerning and would need to file a further rule
the purpose of and basis for the change with the Commission.
For the Commission, by the Division of Before commencing a Web-based
Trading and Markets, pursuant to delegated proposed rule changes and discussed
any comments it received on the session, each candidate will be required
authority.15
proposed rule change. The text of these to agree to the Rules of Conduct for
Robert W. Errett,
statements may be examined at the Web-based delivery. Among other
Deputy Secretary. things, the Rules of Conduct will require
places specified in Item IV below. The
[FR Doc. 2016–18474 Filed 8–3–16; 8:45 am] each candidate to attest that he or she
CHX has prepared summaries, set forth
BILLING CODE 8011–01–P
in sections A, B and C below, of the is in fact the person who is taking the
most significant aspects of such Web-based session. The Rules of
statements. Conduct will also require that each
SECURITIES AND EXCHANGE candidate agree that the Regulatory
COMMISSION A. Self-Regulatory Organization’s Element content is intellectual property
Statement of the Purpose of, and and that the content cannot be copied or
[Release No. 34–78446; File No. SR–CHX– Statutory Basis for, the Proposed Rule redistributed by any means. If the
2016–12] Change Exchange discovers that a candidate has
1. Purpose violated the Rules of Conduct, the
Self-Regulatory Organizations; candidate will forfeit the results of the
Chicago Stock Exchange, Inc.; Notice The CE requirement under current Web-based session and may be subject
of Filing and Immediate Effectiveness Article 6, Rule 11 consists of a to disciplinary action by the Exchange.
of a Proposed Rule Change To Provide Regulatory Element 7 and a Firm Violation of the Rules of Conduct will
Web-Based Delivery of the Continuing Element.8 The Regulatory Element
Education Program applies to all registered persons and 10 The Exchange intends on filing a proposed rule
consists of periodic computer-based change to, among other things, replace the
July 29, 2016.
training on regulatory, compliance, Proprietary Trader registration category and the
Pursuant to section 19(b)(1) of the ethical, and supervisory subjects and corresponding Series 56 exam and the S501
Proprietary Trader Continuing Education Program
Securities Exchange Act of 1934 sales practice standards, which must be for Series 56 registered persons with the Securities
(‘‘Act’’) 1, and Rule 19b–42 thereunder, completed with prescribed timeframes.9 Trader registration category and the corresponding
notice is hereby given that on July 20, Current Article 6, Rule 11(a)(3) provides Series 57 exam and require such Series 57
2016, the Chicago Stock Exchange, Inc. that the Exchange offers the following registered persons to take the S101 General Program
to fulfill the Regulatory Element requirement, as the
(‘‘CHX’’ or the ‘‘Exchange’’) filed with Regulatory Elements for Exchange Series 56 was replaced with the Series 57 exam by
the Securities and Exchange registered persons: The S201 Supervisor FINRA, effective January 4, 2016. See Securities
Commission (‘‘Commission’’) the Program for registered principals and Exchange Act Release No. 75783 (August 28, 2015),
proposed rule change as described in supervisors; The S501 Series 56 80 FR 53369 (September 3, 2015) (Order Approving
a Proposed Rule Change To Establish the Securities
Items I and II below, which Items have Proprietary Trader Continuing Trader and Securities Trader Principal Registration
been prepared by the Exchange. The Education Program for Series 56 Categories) (SR–FINRA–2015–017).
Commission is publishing this notice to 11 As of July 1, 2016, FINRA required all
solicit comments on the proposed rule 3 The proposed rule change is based on a recent participants to complete their Regulatory Element
change from interested persons. FINRA filing adopting web-based delivery of the CE session using the CE Online System; provided that
Regulatory Element program. See Securities certain participants who, pursuant to the Americans
I. Self-Regulatory Organization’s Exchange Act Release No. 75581 (July 31, 2015), 80 with Disabilities Act, that [sic] need
accommodations in completing their session due to
Statement of the Terms of Substance of FR 47018 (August 6, 2015) (Order Approving a
a disability may apply for an accommodation and
the Proposed Rule Change Proposed Rule Change to Provide a Web-based
complete their session at a test center. See
sradovich on DSK3GMQ082PROD with NOTICES
Delivery Method for Completing the Regulatory
Element of the Continuing Education Requirements) Securities Exchange Act Release No. 78281 (July 11,
CHX proposes to amend the Rules of 2016), 81 FR 46133 (July 15, 2016) (SR–FINRA–
(SR–FINRA–2015–015).
the Exchange (‘‘CHX Rules’’) to provide 4 15 U.S.C. 78s(b)(3)(A). 2016–025); see also Americans with Disabilities Act
for web-based delivery of the continuing 5 17 CFR 240.19b–4(f)(6).
of 1990, Public Law 101–336, 104 Stat. 328 (1990).
12 The Exchange intends on filing a proposed rule
6 17 CFR 240.19b–4(f)(6)(iii).
change to amend its fee schedule to reduce the cost
15 17 CFR 200.30–3(a)(12). 7 See CHX Article 6, Rule 11(a).
of the Regulatory Element from $100 to $55 to be
1 15 U.S.C. 78s(b)(1). 8 See CHX Article 6, Rule 11(b).
consistent with Section 4(f) of the Schedule A to the
2 17 CFR 240.19b–4. 9 See to CHX Article 6, Rule 11(a) FINRA By-Laws.
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. 15 U.S.C. 78c(f). should refer to File No. SR–CHX–2016–
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![51532 Federal Register / Vol. 81, No. 150 / Thursday, August 4, 2016 / Notices
12 and should be submitted on or before in Item IV below. ICC has prepared requirements, or the sum of all sold
August 25, 2016. summaries, set forth in sections A, B protection position liquidity
For the Commission, by the Division of and C below, of the most significant requirements. There are no changes to
Trading and Markets, pursuant to delegated aspects of these statements. the liquidity charge calculation at the
authority.22
A. Self-Regulatory Organization’s portfolio level.
Robert W. Errett, Statement of the Purpose of, and ICC expects these enhancements will
Deputy Secretary. Statutory Basis for, the Proposed Rule ensure more stable liquidity
[FR Doc. 2016–18473 Filed 8–3–16; 8:45 am] Change requirements for instruments across the
BILLING CODE 8011–01–P
ICC proposes revising its risk curve. Further, the enhancements
management framework to incorporate simplify ICC’s liquidity charge
risk model enhancements related to the methodology, which promotes ease of
SECURITIES AND EXCHANGE understanding. As stated above, the
single name credit default swap (‘‘CDS’’)
COMMISSION current risk factor level liquidity
liquidity charge methodology. ICC
[Release No. 34–78448; File No. SR–ICC– believes such revisions will facilitate requirements are based on forward CDS
2016–010] the prompt and accurate clearance and spread levels and are, in general, more
settlement of securities transactions and difficult to replicate due to the inherited
Self-Regulatory Organizations; ICE derivative agreements, contracts, and need for knowledge of spread levels
Clear Credit LLC; Notice of Filing of transactions for which it is responsible. across the entire term structure
Proposed Rule Change To Revise the The proposed revisions are described in (‘‘curve’’). Additionally, to facilitate
ICC Risk Management Model detail as follows. replication of the enhanced liquidity
Description Document and the ICC ICC proposes a revised approach to charge calculations, ICC will provide
Risk Management Framework computing single name CDS liquidity end-of-day data for instruments in
July 29, 2016. charges. Specifically, ICC proposes to which clients have open positions,
Pursuant to Section 19(b)(1) of the introduce minimum instrument allowing for additional transparency
Securities Exchange Act of 1934 liquidity requirements independent of and easier replication for clients who
(‘‘Act’’) 1 and Rule 19b–4 thereunder 2 instrument maturities. ICC’s current wish to estimate liquidity charges for
notice is hereby given that on July 15, approach features instrument liquidity hypothetical and current positions.
2016, ICE Clear Credit LLC (‘‘ICC’’) filed requirements that decay with time to
maturity for fixed credit spread levels. ICC also proposes updating liquidity
with the Securities and Exchange scaling factors to reflect the
Commission (‘‘Commission’’) the The proposed approach introduces
minimum liquidity requirements for methodology enhancements. There is no
proposed rule change as described in price based component under the
Items I, II, and III below, which Items individual instruments, independent of
time to maturity for the considered current methodology. To reflect the
have been prepared primarily by ICC. introduction of a price based
The Commission is publishing this instruments, and thus establishes
minimum liquidity charges that do not component, the liquidity scaling factors
notice to solicit comments on the have been decomposed and adjusted in
decay over time as maturity is
proposed rule change from interested order to maintain the same overall
approached. The revised calculation for
persons.
single name CDS liquidity charges at the composition with both price and spread
I. Self-Regulatory Organization’s instrument level incorporates a price- based components.
Statement of the Terms of Substance of based bid-offer width floor component ICC also proposes minor clarifying
the Proposed Rule Change to provide stability of requirements, as edits to the ICC Risk Management
The principal purpose of the well as a dynamic spread-based BOW Framework and the ICC Risk
proposed rule change is to revise the component to reflect the additional risk Management Model Description
ICC Risk Management Framework to associated with distressed market document. ICC added language to the
incorporate certain risk model conditions. The values of such price- Overview section of the Risk
enhancements. ICC also proposes minor based BOW and spread-based BOW are
Management Framework to identify
clarifying edits to the ICC Risk fixed factors, which are subject to at
which ICC documents provide
Management Model Description least monthly reviews and updates by
additional details regarding ICC’s risk
document and the ICC Risk ICC Risk Management Department with
management approach. ICC added
Management Framework. These consultation with the Risk Committee.
ICC also proposes enhancements to language to the Governance and
revisions do not require any changes to Organization section of the Risk
the liquidity charge calculation at the
the ICC Clearing Rules (‘‘Rules’’). Management Framework to note that the
risk factor level. The current risk factor
II. Self-Regulatory Organization’s level liquidity requirements are based reporting line of ICC’s Chief Risk Officer
Statement of the Purpose of, and on forward CDS spread levels. Under to the Chairperson of the ICC Risk
Statutory Basis for, the Proposed Rule the revised calculation, liquidity Committee, who is also a non-executive
Change charges at the risk factor level are manager on the Board, allows the Chief
computed by first calculating the Risk Officer to bring any issues or
In its filing with the Commission, ICC concerns directly to the Board without
included statements concerning the liquidity requirements for each
individual instrument position in the intermediation by other ICC personnel.
purpose of and basis for the proposed
portfolio, and then summing all ICC also made edits to the Governance
sradovich on DSK3GMQ082PROD with NOTICES
rule change and discussed any
instrument liquidity requirements for and Organization section of the Risk
comments it received on the proposed
positions with the same directionality, Management Framework to revise the
rule change. The text of these statements
i.e., bought or sold protection. The risk list of documents reviewed by the Risk
may be examined at the places specified
factor liquidity requirement is the Committee on at least an annual basis to
22 17 CFR 200.30–3(a)(12). greatest liquidity requirement associated include the ICC End-of-Day Price
1 15 U.S.C. 78s(b)(1). with either the sum of all bought Discovery Policies and Procedures and
2 17 CFR 240.19b–4. protection position liquidity the ICC Operational Risk Management
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Document Created: 2016-08-04 02:53:29
Document Modified: 2016-08-04 02:53:29
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 81 FR 51530 |
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