01-21-2010, 07:57 PM
Star
You may carry your opinion to the contrary (that is also respectable) but unfortunately, as per meanings drived by ICAP so far, your understanding that "ICAP cannot invoke non-compliance of ATR-14 to its practicing members" is incorrect.
This has clearly been communicated by ICAP to all members.
Legal position suggests that stay order of SC is on CCP's order and Not on ATR-14. SC's stay order does not say that total matter is intervened and stayed. Rather, it says that the action taken by CCP and decision given by it is stayed. This is crucial to understand.
So, ATR-14 does exist when CCP's judgement has been stayed. ICAP gave its comments after having legal position clarified.
Just to remind ATR-14 is not only applicable on practicing members. Rather, members in industry are also required to comply with all professional pronouncements (though in whatever capacity they can). So, any member in industry (as its CFO or CEO or on other influencing position) cannot object or decline to accept ATR-14 until SC's stay order on CCP's action prevails.
In case some adverse decision comes, then of course it will not be binding on any one.
I think this will be beneficial to understand the issue.
Regards,
KAMRAN.
You may carry your opinion to the contrary (that is also respectable) but unfortunately, as per meanings drived by ICAP so far, your understanding that "ICAP cannot invoke non-compliance of ATR-14 to its practicing members" is incorrect.
This has clearly been communicated by ICAP to all members.
Legal position suggests that stay order of SC is on CCP's order and Not on ATR-14. SC's stay order does not say that total matter is intervened and stayed. Rather, it says that the action taken by CCP and decision given by it is stayed. This is crucial to understand.
So, ATR-14 does exist when CCP's judgement has been stayed. ICAP gave its comments after having legal position clarified.
Just to remind ATR-14 is not only applicable on practicing members. Rather, members in industry are also required to comply with all professional pronouncements (though in whatever capacity they can). So, any member in industry (as its CFO or CEO or on other influencing position) cannot object or decline to accept ATR-14 until SC's stay order on CCP's action prevails.
In case some adverse decision comes, then of course it will not be binding on any one.
I think this will be beneficial to understand the issue.
Regards,
KAMRAN.
