Wall Street Letter VOL. XLV, No. 31 – Sept. 30, 2013 | Page 7
3 – 9 OCTOBER 2013
manpower it would take to calculate
the work.
“The rules for accrual and taxation
are all there and they have been there
for a long time,” said Dennison. “That
is where the cost basis mechanism
comes in. We have to get the data and
figure out how to automate the coming processes to calculate the basis.”
Maxit has gone through all the
regulatory phases lined up by the
IRS since 2009, including reporting
for equities, securities, mutual funds,
and finally fixed income and options,
according to Linville.
EXCHANGES & ATSs
NYSE Arca amends
notice period for
issuers
NSYE Arca plans to change the
required notice period for issuers
related to financial reports, according
to a regulatory filing from the
exchange.
The change would effectively
shorten the period of time (in some
cases down to less than half of the
current period) the exchange would
have the notice in advance of the
applicable record date, Arca said. The
move harmonizes its rules with those
of its sister exchanges NYSE MKT
and the New York Stock Exchange, it
told the SEC.
Arca has required 10 business days
advance notice from firms that are
announcing dividends, subscription
rights issues, stock transfer book
closings or shareholder record taking.
Now the exchange will shorten that to
10 calendar days advance notice.
Because the 10 calendar days could
include two weekends, or two Exchange holidays, the change in notice
period would effectively be six days at
most or four days at the lower end of
the scale.
Arca said the change should reduce
the level of confusion among issuers
and their council that may already be
familiar with the notice policies of the
other exchanges.
The equities and options market
operator also noted that because of
the experience of its sister exchanges,
“it is clear… that 10 calendar days
notice of the setting of a record date
has been sufficient for the needs of
investors”.
Arca told the SEC it would send
out a notice to de Z[ HY??X?]?H]B?? H?[??K??P?????B?? ?Y[??X?????Y\? \]H??Y?[???\? ?X? \?B? ?Y[??X?????Y\?\? \][??] ???Y[???\? ?X? \?H ? ??B?\??X?[ ]Y][??\?]B??H H[?? H YX\???[??[??? M X???[?? ??]?HX??\????\ ?? X?X[?Y?\?? ?[ ?YB?X?????K??H ?\??X?H\??\??[? H??[? ??Y?[?\??[?\?[??H ?ZY ??] ?[?H?X??Y?\?H??[ ?Y [?[??H\??[??H??KX??\??YY ?8?'[?][????Z[???]??]?[??\??X??Y \??U?HP??T??[??? ?X????\ ?? X??\? [??X??Y \?X[?Y?\?? ?[ ?YB?X?????K ?Y[??[???[??\? ?B?X?????Y\??[YH??\????\??\?X[???X?\? ?X??\??[??\?H ???[??'B?H^ \??[]X?\?H ?[?HX??\??X?H?H?Y[? ?[?H??Y??X]? ??Y? H?U ?X?\?[ ?H??[?][???] ??\? \??[???\?[KX??\? ?ZY ??U ?[?\?? H ????\??\??\?? ]?X^H Z?H ?]?\?[^\? ???\]K?HYY ???'?H ?[ Z?H[??\????H?B????\? \?\??[? \?? H?\? ?[??\???\ ?X][??H ? Z?\??\?? ??[?\?[?8?'H ?ZYX??\??8?'B?^H \????[? ?YH H?[X?[????]]?\?\???[???] H?Y? \??[? H?Y?[?]? ?Y\? H?\??[???] \?[? \?X[?[ ? \??Z[??X?B???]?HH?\??Y\??[ \]\??'B?H??Y \? ???\??[???\\??\?[? H ?Y[??X?????Y\???X?\? ?? ]?\??\?H???[? B?[?[?? ??Y? H \[[?K??H??\[?H?\? ?[X\?Y H
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