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Margin collection compliance: penalties for members failing to collect client margins within prescribed timelines and reporting requirements. Requires members to collect specified margins (including initial, ELM, mark to market, special/additional and delivery margins), with initial margins payable upfront and other margins collectible within T+2 working days; members must report short collection/non collection to the Exchange on T+5. A graduated per day penalty applies per client shortfall, higher rates for larger shortfalls, with penalties for initial margin shortfalls applying from T. Repeated defaults (three or more instances in a month) invoke a 5% shortfall penalty from the fourth instance. Exchanges collect penalties monthly, credit proceeds to the Investor Protection Fund, inspect compliance and may levy up to 100% penalty for incorrect reporting.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Margin collection compliance: penalties for members failing to collect client margins within prescribed timelines and reporting requirements.
Requires members to collect specified margins (including initial, ELM, mark to market, special/additional and delivery margins), with initial margins payable upfront and other margins collectible within T+2 working days; members must report short collection/non collection to the Exchange on T+5. A graduated per day penalty applies per client shortfall, higher rates for larger shortfalls, with penalties for initial margin shortfalls applying from T. Repeated defaults (three or more instances in a month) invoke a 5% shortfall penalty from the fourth instance. Exchanges collect penalties monthly, credit proceeds to the Investor Protection Fund, inspect compliance and may levy up to 100% penalty for incorrect reporting.
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