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Re-verify against primary text before relying on it (research finding, not a fact).", "source": "Exchange Act Rule 15c3-3a, Note H(b)(1)" }, "note_h_b2i": { "detail": "The clearing agency's rules must require a SEPARATE margin requirement calculated for each customer of the broker-dealer, with the broker-dealer delivering that customer's margin to the clearing agency on a gross basis.", "source": "Exchange Act Rule 15c3-3a, Note H(b)(2)(i)" }, "note_h_b2ii": { "detail": "Cash on deposit as margin may be invested by the clearing agency only in short-term U.S. Treasury securities.", "source": "Exchange Act Rule 15c3-3a, Note H(b)(2)(ii)" }, "note_h_b2iii_iv": { "detail": "Margin must be held in a segregated Special Clearing Account for the exclusive benefit of customers, maintained at a Federal Reserve Bank or an FDIC-insured bank.", "source": "Exchange Act Rule 15c3-3a, Note H(b)(2)(iii)-(iv)" }, "note_h_b2v": { "detail": "The clearing agency's rules must provide a system for promptly returning excess margin that is no longer required.", "source": "Exchange Act Rule 15c3-3a, Note H(b)(2)(v)" }, "note_h_b3": { "detail": "The clearing agency's Note H rules must have Commission approval, and the Commission must have published notice that the conditions of Note H are satisfied with respect to that clearing agency, before a broker-dealer may include the Note H debit for that clearing agency.", "source": "Exchange Act Rule 15c3-3a, Note H(b)(3)" }, "treasury_clearing_compliance_dates": { "detail": "Central clearing of eligible U.S. Treasury cash trades is required by 2026-12-31 and of eligible repo transactions by 2027-06-30. Stated here as a dated fact, not a live countdown.", "source": "SEC Treasury-clearing adopting release and compliance-date extension (Federal Register, 2025 final rule and 2025-03-04 extension notice)" } }, "clearing_agency_name": "SYNTH-FICC-LIKE-CCA", "commission_notice_dated": "2024-11-25", "computation_date_label": "2026-08-07 weekly reserve computation", "conditions": [ { "citation_key": "note_h_b3", "key": "commission_notice_published", "label": "Commission has approved the clearing agency's Note H rules and published notice that Note H is satisfied for it", "satisfied": true }, { "citation_key": "note_h_b2i", "key": "per_customer_gross_margin_calc", "label": "Clearing agency calculates a separate, gross, per-customer margin requirement", "satisfied": true }, { "citation_key": "note_h_b2ii", "key": "cash_investment_short_term_treasuries_only", "label": "Cash margin is invested only in short-term U.S. Treasury securities", "satisfied": true }, { "citation_key": "note_h_b2iii_iv", "key": "special_clearing_account_designated", "label": "Margin held in a segregated Special Clearing Account at a Federal Reserve Bank or FDIC-insured bank", "satisfied": true }, { "citation_key": "note_h_b2v", "key": "excess_margin_return_system", "label": "Clearing agency has a system for returning excess margin no longer required", "satisfied": true } ], "currency": "USD", "debit_display": "5000000.00", "debit_minor_units": 500000000, "fence": "This is not legal or regulatory advice. This kernel recomputes only whether a margin debit qualifies for inclusion under Note H to Exchange Act Rule 15c3-3a and, if so, its amount -- it does not recompute Items 1-14 of the Rule 15c3-3a reserve formula (see the sibling art-396 15c3-3 reserve tool for that, an independent tool never edited by this one). Whether a clearing agency's rules and Commission notice actually satisfy Note H, and whether the declared facts are accurate, are for the broker-dealer's own compliance and financial-operations review.", "indeterminate_reason": null, "margin_on_deposit_display": "6500000.00", "margin_on_deposit_minor_units": 650000000, "margin_required_display": "5000000.00", "margin_required_minor_units": 500000000, "margin_source": "customer_cash", "minor_unit_exponent": 2, "not_proven": [ { "detail": "This kernel recomputes the Note H margin-debit condition checks and debit arithmetic from caller-declared facts. It is not a substitute for counsel, FINRA/SEC guidance, or the broker-dealer's own compliance and financial-operations review.", "item": "Not legal or regulatory advice" }, { "detail": "Whether the Commission has in fact published (and not since withdrawn) a Note H(b)(3) notice for the named clearing agency is a caller-declared fact, not independently verified against the Federal Register at run time -- this is an offline, zero-network tool.", "item": "Commission notice currency" }, { "detail": "This kernel computes only the Note H margin-debit sliver. It does not recompute Items 1-14 of the Rule 15c3-3a customer/PAB reserve formula -- see the sibling art-396 15c3-3 reserve tool for that, a separate and independent tool.", "item": "Full reserve formula not recomputed" }, { "detail": "The per-customer gross calculation, cash-investment restriction, Special Clearing Account designation, and excess-margin-return-system conditions are caller-declared facts about the named clearing agency's rules, not independently checked against that clearing agency's actual rulebook filings.", "item": "Clearing agency rulebook not verified" }, { "detail": "Margin-required and margin-on-deposit figures are caller-supplied and asserted, not independently verified against the clearing agency's own margin call or the broker-dealer's books and records.", "item": "Input accuracy" } ], "note": "Deterministic Note H margin-debit includability and amount recomputation for one stated computation date. Single-run and stateless: it holds no records, runs on no schedule, and retains nothing.", "rationale": [ "Note H margin-debit includability recomputed for broker-dealer reference SYNTH-BD-001 as of 2026-08-07 weekly reserve computation, clearing agency SYNTH-FICC-LIKE-CCA.", "Every declared Note H condition resolved TRUE and a margin_source was declared.", "Verdict is INCLUDABLE. The debit is MIN(margin required, margin on deposit) = 5000000.00 USD.", "This is not legal or regulatory advice, and this kernel recomputes only the Note H margin-debit sliver of the Rule 15c3-3a reserve formula, never the full formula (see the sibling art-396 15c3-3 reserve tool for that)." ], "rejected_inputs": [], "verdict": "INCLUDABLE" } } }, "journal_contract": { "spec": "SPEC.md §18.7", "serialization": "rfc8785-jcs+utf8", "journal_digest": "sha256:20a13f579f0c9930d380b7b64e258324adf099bd758b444878d1a7313a80ae9c", "claim_digest": null }, "provenance": { "repo": "PostOakLabs/ainumbers", "receipt_source": "chaingraph/graph/nodes/art-580-15c3-3a-note-h-margin-debit.json", "receipt_source_sha256": "sha256:bb74a27645e4ef91210474ce218f3d839fd4858dd714883bfa2dcd8f90b60ac0", "anchor_source": "registry/lineage/checkpoint.sigsum-record.json", "checkpoint_source": "registry/lineage/checkpoint" }, "anchor": { "type": "c2sp-tlog-proof-v1", "record": { "anchor_type": "c2sp-tlog-proof-v1", 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