) 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

Department whose rank is not lower than departmental manager" as to whether it includes every person whose title is departmental manager. Specifically, if the CFO in some companies holds higher position than

. The inquiry is on the interpretation of the term “person holding executive position in Accounting or Finance Department whose rank is not lower than departmental manager" as to whether it includes every