SEC Approves MSRB Amendments to Shorten Securities Settlement Cycle (Fed. Reg.)

The MSRB's proposed amendments to MSRB Rules G-12 and G-15 were approved by the SEC and published in the Federal Register.

The amendments define "regular-way settlement" for municipal securities to mean a two-day settlement cycle after the trade date ("T+2") and revise MSRB Rules G-12 ("Uniform Practice") and G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements").

The amendments reflect a voluntary initiative by the securities industry to shorten the settlement cycle. An industry steering committee, chaired jointly by the Investment Company Institute and SIFMA, is leading the initiative.