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As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002

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As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002

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The term “NRSRO” was originally adopted by the Commission in 1975 solely for determining capital charges on different grades of debt securities under the Net Capital Rule. 9 The Net Capital Rule requires broker-dealers, when computing net capital, to deduct from their net worth certain percentages of the market value of their proprietary securities positions. A primary purpose of these “haircuts” is to provide a margin of safety against losses that might be incurred by broker-dealers as a result of market fluctuations in the prices of, or lack of liquidity in, their proprietary positions. The Commission determined that...

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Nội dung Text: As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002

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