(6)The Exchange Act further specifies that NSEs must provide their members with impartial access to their markets and services. The access criteria must be transparent and must not apply in an unfairly discriminatory manner. Registered NSEs are thus required to have clear and transparent rules regarding the admission of securities to trading so that those securities are capable of being traded in a fair, orderly, and efficient manner and are freely negotiable. Both the options and equities exchanges have listing standards that are subject to the SEC’s oversight pursuant to Section 19 and Rule 19b-4 of the Exchange Act. SEC rules and listing standards require issuers of securities underlying listed options to timely disclose information that would be material to investors or likely to have a significant effect on the price of the securities. NSEs are prohibited from listing any security of an issuer that does not comply with the audit committee requirements set out in the SEC rules. A NSE cannot register securities that underlie listed options for which information about the securities and the issuer is not publicly available. SEC Rule 9b-1 also requires options markets to prepare an options disclosure document with certain specified information about the characteristics and risks of exchange traded options. Broker-dealers are to provide customers with that options disclosure document, and that document is to be filed with the SEC prior to being furnished to customers. Further, the Options Clearing Corporation (‘OCC’) is the issuer of exchange-listed options. The OCC is registered with the SEC as a clearing corporation and self-regulatory organisation. The OCC must comply with Section 17A of the Exchange Act, which requires, inter alia, that the OCC’s rules are to be designed, in general, to protect investors and the public interest. OCC’s rules are subject to the SEC’s oversight pursuant to Section 19 of the Exchange Act and SEC Rule 19b-4. Furthermore, changes that an OCC intends to make to its rules, operations, or procedures that could materially affect the nature or level of risk posed by the OCC are also subject to SEC oversight pursuant to Section 806(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and SEC Rule 19b-4. SEC Rule 17Ad-22(c) requires the OCC to disclose annual audited financials publicly. Additionally, SEC Rule 17Ad-22(e)(23) requires that an OCC enforces policies and procedures that provide for, inter alia, the public disclosure of all relevant rules and material procedures, including key aspects of its default management rules and procedures, of basic data on transaction volume and values, and of a comprehensive description of its material rules, policies, and procedures regarding its legal, governance, risk management, and operating framework. Orderly trading of securities on a NSE is ensured by the SEC’s powers to suspend trading and issue emergency orders under certain circumstances and to protect public interest and investors. The U.S. regulatory framework also includes pre and post-trade transparency requirements for providing information to market participants in a timely manner.