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Rule 15c is intended to address the risks that can arise as a result of the automated, rapid electronic trading strategies that exist today, and bolster the confidence of investors in the integrity of our markets. Rule 15c would effectively eliminate the practice known as "unfiltered" or "naked" access to an exchange or an ATS.
Requirement to Maintain Risk Management Controls and Supervisory Procedures Rule 15c is applicable to broker-dealers with access to trading securities, by virtue of being an exchange member, an ATS subscriber, or an ATS operator with non-broker-dealer subscribers.
Such broker-dealers with market access would be required to establish, document, and maintain a system of risk management controls and supervisory procedures that, among other things, are reasonably designed to: Specifically, the risk management controls and supervisory procedures would be required to be reasonably designed to: Direct and Exclusive Broker-Dealer Control Over Financial and Regulatory Risk Management Controls and Supervisory Procedures The broker-dealer with market access would also be required to have direct and exclusive control of its financial and regulatory risk management controls and supervisory procedures, with a limited exception that would permit Electronic connection risk for small business reasonable allocation of certain regulatory controls and procedures to a customer that is a registered broker-dealer.
Limited Exception for Routing Broker-Dealers There is a limited exception from the provisions of the Rule for broker-dealers that provide outbound routing services to an exchange or ATS for the sole purpose of accessing other trading centers with protected quotations on behalf of the exchange or ATS in order to comply with Rule of Regulation NMS, or the Options Linkage Plan for listed.
These routing brokers would be required to comply with the provisions of Rule 15c designed to prevent the entry of erroneous orders to help ensure that order handling by an exchange or ATS router would not increase risk to the market.
Regular Review of Risk Management Controls and Supervisory Procedures Rule 15c requires broker-dealers with market access to establish, document, and maintain a system for regularly reviewing the effectiveness of the risk management controls and supervisory procedures and for promptly addressing any issues; and no less frequently than annually, conduct a review of its business activity in connection with market access to assure the overall effectiveness of such risk management controls and supervisory procedures and document that review.
The Rule would also require the Chief Executive Officer of the broker or dealer to annually certify that the risk management controls and supervisory procedures comply with Rule 15c, and that such regular review has been conducted.
The proposing release can be found on the SEC's website at http: The Division's Office of Interpretation and Guidance answers questions submitted by email and telephone. You can submit a question by email to tradingandmarkets sec.
Implementation Rule 15c will be effective 60 days from the date of publication in the Federal Register.
Once effective broker-dealers subject to the rule will have six months to comply with the requirements of Rule 15c Endnotes 1 This guide was prepared by the staff of the U. Securities and Exchange Commission as a "small entity compliance guide" under section of the Small Business Regulatory Enforcement Fairness Act ofas amended.
The guide summarizes and explains rules adopted by the SEC, but is not a substitute for any rule itself.
Only the rule itself can provide complete and definitive information regarding its requirements.NOTE - The FARSite is the authoritative source for the AFFARS only.
The FARSite is only an electronic representation of the FAR and the other supplements.
This package will >> enable you to prepare Form individual, non-business taxpayers and small business taxpayers (self-employed/Schedule C) >> provide an understanding and solid foundation for preparing business tax returns and researching issues >> give an introduction to some of the issues involved in the preparation of tax returns for various forms of business entities.
Small Business Handbook Small Business Safety Management Series OSHA R Huntington's small business online banking gives you quick, convenient and secure access so you can spend less time banking and more time doing business. Rule 15c — Risk Management Controls for Brokers or Dealers with Market Access A Small Entity Compliance Guide 1 Overview.
On November 3, , the Commission adopted a new rule to require brokers and dealers to have risk controls in connection with their market access. While this is a long list of business ideas—I have carefully pruned it for you. I started out with an initial list that was more than twice as long and ruthlessly chopped off the weaker business ideas that I didn’t want you to consider starting.