Regulatory Notice 16-09
FINRA Requests Comment on Proposed Amendments to FINRA Rules to Support the Industry Initiative to Shorten the Settlement Cycle for Securities in the U.S. Secondary Market From T+3 to T+2
Shortening the settlement cycle from trade date plus three business days (T+3) to trade date plus two business days (T+2) for U.S. secondary market transactions in equities, corporate and municipal bonds, unit investment trusts, and financial instruments composed of these products is an industryled initiative. To support this industry-led initiative, FINRA seeks comment on proposed amendments to FINRA rules relating to the settlement cycle. FINRA proposes to adopt necessary rule changes in a manner and timeline that is consistent with the Securities and Exchange Commission (SEC) and other self-regulatory organizations (SROs) in an effort to provide the regulatory certainty necessary for an efficient transition.
The proposed rule text of the impacted rules is in Attachment A.
Questions concerning this Notice should be directed to:
- Kosha Dalal, Associate Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-6903; or
- Sarah Kwak, Counsel, OGC, at (202) 728-8471.
|Date||Commenter||Format - Size|
|4/4/2016||Investment Company Institute||PDF - 470.53 KB|
|4/4/2016||Thomson Reuters||PDF - 136.91 KB|
|4/4/2016||Sutherland Asbill & Brennan LLP||PDF - 2.73 MB|
|4/4/2016||Bond Dealers of America||PDF - 250.52 KB|
|4/4/2016||Wells Fargo Advisors, LLC||PDF - 52.05 KB|
|4/4/2016||Fidelity Investments||PDF - 45.23 KB|
|4/4/2016||SIFMA||PDF - 252.16 KB|
|4/8/2016||Financial Services Institute||PDF - 113.04 KB|