are representatives from the private sector, external experts. 7. ​Seek approval from SEC Board/CMSB/SEC Office before drafting the notification * ​8. ​Draft the notification: Draft notifications shall

) specified by the regulation. ​ Net Capital Rule (NCR)​ ​ The SEC applies the  " net capital rule  ( NCR )"  approach, where securities and derivatives businesses are required to maintain  “ net capital  ( NC