MSRB Requests Comments on Proposed Amendments to Municipal Securities Settlement Cycles (Fed. Reg.)

The MSRB's request for comments on proposed amendments that would define "regular-way settlement" for municipal securities to mean a two-day settlement cycle after the trade date ("T+2") was published in the Federal Register.

The proposal would amend MSRB Rules G-12 ("Uniform Practice") and G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements"). The proposed amendments reflect an industry-wide initiative to shorten the settlement cycle that is being led by an industry steering committee chaired jointly by the Investment Company Institute and SIFMA.