Under the current SRO Rules, a full legal review is required for all SROs (for both the initial determination and replenishments), however, it was never established how to fund the number of legal reviews necessary to grow and maintain the SRO List. This has resulted in the current SRO List only covering a small universe of Reference Entities and consisting largely of matured obligations which have not been replaced.

SEC Title VII implementation documentation issues

The Japan Regulatory Distribution List discusses the proposed or necessary changes to the laws and regulations affecting the Japanese members and/or the local derivatives market. The Committee also covers the international and local issues as to tax & accounting.