Self-clearing member regulation introduces net worth and deposit requirements and extends clearing rules to self-clearing members. The amendment creates a defined category of self-clearing member-a clearing corporation or clearing house member who clears and settles only its own and its clients' transactions and not for other trading members-and integrates that category across the regulations. Applicants must meet existing sub-regulatory requirements plus a prescribed minimum net worth and deposit with the clearing corporation or house. Provisions applicable to clearing members are extended mutatis mutandis to self-clearing members, forms and schedules are revised to include the category, option turnover computation rules are clarified, and an annual fee obligation is imposed.
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.
Self-clearing member regulation introduces net worth and deposit requirements and extends clearing rules to self-clearing members.
The amendment creates a defined category of self-clearing member-a clearing corporation or clearing house member who clears and settles only its own and its clients' transactions and not for other trading members-and integrates that category across the regulations. Applicants must meet existing sub-regulatory requirements plus a prescribed minimum net worth and deposit with the clearing corporation or house. Provisions applicable to clearing members are extended mutatis mutandis to self-clearing members, forms and schedules are revised to include the category, option turnover computation rules are clarified, and an annual fee obligation is imposed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
