AMC Entertainment Holdings Inc (AMC)

[Thai5533]

TL;DR - DTCC rule filing NSCC-2021-801 is waiting for approval at the SEC and can be there up to 60 days to review it before the next step.

As a review, there were two main rules we were waiting for:

DTC-2021-003 - This removed the 30-day reporting requirement for HF positions, leaving only the daily reporting requirement.

NSCC-2021-801 - HF must post additional capital daily, the supplemental liquidity deposit (SLD), if their positions are in danger, and they can be margin called in the middle of the day. Also, any capital posted as the SLD will be used to pay off other liquidated HF positions before the DTCC begins to pay out.

Rule #003 was proposed on 9 March and was approved by the SEC on 16 March.

Rule #003 is helpful, but isn't the huge deal everyone has been making it out to be. It doesn't force margin calls, and doesn't limit the capital available to the HFs.

Rule #801 is the rule we are waiting for that does do those things, was proposed on 5 March, and hasn't been approved yet.

Many people speculated that Rule #801 would go into effect 19 March, 10 Days after filing. . . Clearly this hasn't happened yet or the DTCC would have updated their page at https://www.dtcc.com/legal/sec-rule-filings to show the SEC approval notice.