Thread by @live2beingu

#AMC #GME The Recap Part 2: You would know that the 801 is the Advanced Notice rule filed in part 10. What you do not see in the 801 is part 3 and 4. Those parts were included within the 002. That is why the 002 is a bit daunting and confusing because folks think

this is a new rule when in fact it’s just repeating what is in the 801. Part 3 discusses the following Self-Regulatory Organizations Statement of the purpose of, and Statutory Basis for the proposed rule change. Part 3’s role is to help you understand the Advanced notice

filing in a more in-depth manner as it explains a little bit about the background and intent behind the rule while also including the rules language word for word from part 10 of the Advanced notice filing. It then goes on to discuss the burden of competition. So while yes the

002 did pass this week, what we wanted has been in effect for well over a month at this point.
Okay so I get that the 002 and the 801 are one in the same it’s just that one had the advanced notice filing while the other was just explaining the advanced filing in greater detail.

So what’s up with the 802? As I mentioned above the 802 is one of the ways that the NSCC is able to obtain cash as a qualified liquidity resource. This rule outlines and details the 364-Day line of Credit that has to be renewed on a yearly basis (annually). This rule just

outlines the renewal agreement between the credit facility and the DTC and NSCC. It’s more or less nothing to see here type deal.

o sum this whole thing up. The 002 is just letting you know the why behind the 801 in further detail. It’s not a new rule but it is amending the 801 parts 3 and 4 to provide some clarity as far as purpose and whether the change would impact competition in any way. I hope that

helps. I'll catch you on the recap tomorrow night.

@threadreaderapp unroll