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To check out PART ONE of this post, you can find this here.
Now - onto how we're going to change the world, together.
The SEC has highlighted specific reasons for why this rule is BS (i.e., grounds for why this rule proposal should be disapproved) in a conveniently bulleted list [SR-OCC-2024-001 34-100009 (pgs 4-5); Federal Register]
- Section 17A(b)(3)(F) of the Exchange Act, which requires, among other things, that the rules of a clearing agency are designed to promote the prompt and accurate clearance and settlement of securities transactions and derivative agreements, contracts, and transactions; and to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible; [Refer to 15 U.S.C. 78q-1(b)(3)(F)]
- Rule 17Ad-22(e)(2) of the Exchange Act, which requires that a covered clearing agency provide for governance arrangements that, among other things, specify clear and direct lines of responsibility; and [Refer to 17 CFR § 240.17Ad-22(e)(2)]
- Rule 17Ad-22(e)(6) of the Exchange Act, which requires that a covered clearing agency establish, implement, maintain, and enforce written policies and procedures reasonably designed to cover, if the covered clearing agency provides central counterparty services, its credit exposures to its participants by establishing a risk-based margin system that, among other things, (1) considers, and produces margin levels commensurate with, the risks and particular attributes of each relevant product, portfolio, and market, and (2) calculates sufficient margin to cover its potential future exposure to participants in the interval between the last margin collection and the close out of positions following a participant default. [Refer to 17 CFR § 240.17Ad-22(e)(6)]
🥇🙏 - With thanks to WCIMT for the sourcing of this. You can check out the original post here.
And now we have the opportunity to support the SEC in their rejection of this rule.
Do you want to join thousands of other investors worldwide in the fight for fair markets, equal opportunities and financial liberation?
To mark your name in the history books and forever immortalise yourself as a champion of progress, integrity, and change?
You wanna see MOASS happen?
Sure you do!
So why not take a few minutes out of your day to do something life changing? Not just for you, but for all future generations too.
"But Kibble, I'm too tired. I work so much and I have no mental headspace to try and tackle something like this. It's all too much. I'm overwhelmed."
I hear you friend, I hear you.
But remember - if we want financial liberation, we must fight for it. This is about our freedom.
Wall Street relies on our apathy - our being too tired or too overwhelmed to do anything to stop the current broken status quo. But stop it we must.
Don't listen to Ken, listen to the voices of tomorrow's generation - who will thank you for investing in their future, as will be shared with your own.
So if you're short on time, tired or this feels a little too overwhelming (finance lingo can be hard to dissect, I get it) - consider that there are options available to you beyond the need to write a long letter from scratch.
Like Good ol' Letter Templates!
Brilliant they are - you can read, edit, amend and send.
Like this one here, courtesy of WhatCanIMakeToday:
WhatCanIMakeToday's Letter Template Here:
https://www.reddit.com/r/Superstonk/comments/1ciqum4/simians_smash_sec_rule_proposal_to_reduce_margin/
Go on, check it out - I know you want to.
**📱📞☎️ Pastebin version (ready to copy, paste and edit for mobile users): **https://pastebin.com/dpXQ0gim
⏰ ⏳ I will also be creating a second letter template resource soon. In the meanwhile, please feel inspired to share your comment templates too.
The greatest thing about these letter templates is that they are a helpful tool designed to help you find your voice. We may all sound different, but the words we say matter just the same.
Here, you can copy, edit, and send these templates directly to the SEC via email.
And remember, you don't need to write the longest letter to make your point hit home. You can support the rejection in fewer words - as your contributions are uniquely your own.
Find the words that help you express yourself best, and embrace the many tools and resources out there to assist you.
_____________🔥______________
Speaking of which, have you heard about:
🖥️ 💡 ChatGPT
- AI Language Model.
- "I'm a program designed to understand and generate human-like text based on the input I receive." - ChatGPT, 2024.
Consider inputting these writing guides into ChatGPT to help you compose your own comment.
Here's a prompt to help you get started:
Draft a formal letter expressing support for the SEC's decision to reject the OCC's proposed rule change. Emphasize the importance of transparency, risk mitigation, and investor protection in maintaining a fair financial market. Specifically, address concerns about the lack of transparency in the OCC's proposal, potential systemic risks from margin requirement adjustments during market volatility, and the conflict of interest in the FRM Officer's role. Maintain a respectful and professional tone, providing detailed reasons and supporting evidence for your support of the SEC's decision. Use the example letter as a reference for structuring arguments and aligning with the SEC's grounds for disapproval.
Work Smarter, not Harder.
ChatGPT is user friendly, check out what it looks like here: https://chatgpt.com
Please note:
🚨 ChatGPT remains an unreliable source for verified information and facts and will always require people to assess/review and cross-reference the generated responses.
You are the fact checker, not the AI.
_____________🔥______________
✅ 📢 🌏 How to Comment:
- Commission's Internet Comment Form: Use the form available at SEC's rule comment page.
📱🖥️ ✉️
Email: [[email protected]](mailto:[email protected])
- Include the file number: SR-OCC-2024-001 34-100009 - in the subject line of your email to the SEC.
- This is open to audiences worldwide.
REMEMBER:
- Choose only one submission method to help the Commission process and review your comments more efficiently.
- The Commission will post all comments on its website.
- You can access these at SEC's rule comment page.
- Avoid including personal identifiable information in your submissions unless you want it to be made publicly available.
- The SEC may redact or withhold content that is obscene.
With credit and appreciation to Dismal-Jellyfish.
It's only takes two minutes to change the world.
So what are you waiting for?
Remember to be kind in your engagements.
The SEC need our support, and we're here to help them. Let's tackle corruption and greed in the financial markets the right way.
Let's break this down.
The OCC proposed a rule change (SR-OCC-2024-001) that would allow them to reduce margin call requirements by adjusting margin thresholds using [REDACTED] parameters during periods of high market volatility.
AKA - putting the breaks on MOASS if a clearing member, like Citadel for example, can't meet margin call and defaults, bringing down the house down with them.
And incredibly, after thousands (and thousands) of household investors around the world submitted their comments to oppose this rule change proposal, the SEC listened and is now going to throw it out.
Incredible, huh?
And now we have the chance to stand with the SEC and ensure this rule proposal is decisively rejected.
Because accountability isn't about shifting the goalposts to remove the risk of clearing member default when financial institutions can't meet their margin call obligations.
So are you in?
Remember - this is important.
Without this proposed rule as a safeguard in place, Wall Street faces mounting pressure. And if household investors strip the OCC of its ability to continually adjust Margin Call thresholds, this could become a serious catalyst for whatever spicy market action we're going to see next.
Tick tock.
So now to ride this home, showing Wall Street exactly how much we can accomplish when we work together.
🔥🔥🔥
📚👀 Want to learn more about this rule? Check out the following posts:
🔥 SR-OCC-2024-001 EXPLAINER POSTS:🔥
CREDIT: Dismal-Jellyfish.
Options Clearing Corporation is looking to adjust parameters for calculating margin requirements during periods when the products it clears & the markets it serves experience high volatility. OPEN for comment! https://dismal-jellyfish.com/occ-revamps-idiosyncratic-margin-requirements-volatility-controls/
CREDIT: WhatCanIMakeToday
OCC Proposes Reducing Margin Requirements To Prevent A Cascade of Clearing Member Failures: https://www.reddit.com/r/Superstonk/comments/1ae0toi/occ_proposes_reducing_margin_requirements_to/
CREDIT: kibblepigeon
Dismantling Rule SR-OCC-2024-001 - The Exposed Threat of Margin Erosion and Risk Escalation: https://www.reddit.com/r/Superstonk/comments/1ak549e/dismantling_rule_srocc2024001_the_exposed_threat/
🔥 FOLLOW UP SEC REJECTION AND TEMPLATE LETTER:🔥
CREDIT: WhatCanIMakeToday
Simians Smash SEC Rule Proposal To Reduce Margin Requirements To Prevent A Cascade of Clearing Member Failures! [COMMENT TEMPLATE INCLUDED]: https://www.reddit.com/r/Superstonk/comments/1ciqum4/simians_smash_sec_rule_proposal_to_reduce_margin/
📚👀 SEC COMMENTS / REJECTION:📚👀
To access the submitted proposals: https://www.sec.gov/files/rules/sro/occ/2024/34-99393.pdf?ref=dismal-jellyfish.com
To access the submitted SEC comments: https://www.sec.gov/comments/sr-occ-2024-001/srocc2024001.htm
It's never been easier to change the world. Get involved, it's our Call of Duty.
Game on.
TL:DR
- Email SEC - [[email protected]](mailto:[email protected])
- Include the file number: SR-OCC-2024-001 34-100009 - in the subject line of your email to the SEC.
- This is open to audiences worldwide.
- Support the rejection of the proposal.
- Deadline: 17th May 2024
________________________________________________________________________________
FOR A COMPLETE VERSION OF THIS POST - CHECK OUT: https://dismal-jellyfish.com/regulatory-killshot-wall-streets-attempts-to-shift-goalposts-have-been-shut-down
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