Tuesday, June 06, 2017 11.31AM / by Morrison & Foerster LLP
In May 2017, in Regulatory Notice 17-19, FINRA announced the SEC approval of a variety of its proposed rule amendments relating to the upcoming move of the U.S. securities markets to the T+2 settlement cycle.
In order to coincide with the effective date for the revisions to SEC Rule 15c6-1(a), these amendments will become effective on September 5, 2017, and relate to the following FINRA rules:
- Rule 2341 (Investment Company Securities);
- Rule 11140 (Transactions in Securities ''Ex-Dividend,'' ''Ex-Rights,'' or ''Ex-Warrants'');
- Rule 11150 (Transactions ''Ex-Interest'' in Bonds Which Are Dealt in ''Flat'');
- Rule 11210 (Sent by Each Party);
- Rule 11320 (Dates of Delivery) (this provision includes the definition of "Regular Way," and refers to the new two business day delivery cycle);
- Rule 11620 (Computation of Interest);
- Rule 11810 (Buy-In Procedures and Requirements); and
- Rule 11860 (COD Orders).
We previously discussed these amendments in December 2016, at the time of their proposal.
FINRA has also issued an investor alert, entitled "T+2 is Coming," to help explain to investors the impact of the upcoming market-wide changes.
For further information on this topic please contact Lloyd S Harmetz at Morrison & Foerster LLP by email (email@example.com ).
This update has been reproduced in its original format from Lexology – www.Lexology.com.
5. Meeting with CMOs on the SEC Risk-Based Supervision (RBS) Framework and Updated Reporting Template
6. Immediate Adoption of Examiners’ Recommended Provision and Audit Adjustments by the OFIs
7. SEC Releases Communiqué Issued At The 2017 Budget Seminar
8. U.S. SEC Approves Rules To Ease Investor Access To Exhibits In Company Filings
9. Modernizing & Updating Disclosure Rules - Use of Hyperlinks and HTML
10. Remembering The Forgotten Investor - Remarks At The "SEC Speaks" Conference 2017
11. The Rate of Naira Counterfeiting Is Less Than One Per Cent - CBN
12. Application of International Standard on Auditing (ISA) 701 in the Banking Sector
13. CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines
14. Exposure of Proposed New Rule and Sundry Amendments to the Rules and Regulations of SEC Nigeria