On March 22, the U.S. Securities and Exchange Commission (SEC) Acting Chair Piwowar and Commissioner Stein voted unanimously to approve changes to SEC Rule 15c6-1 that facilitate a move to a T+2 settlement cycle for most securities including munis. On behalf of the T+2 Industry Steering Committee, DTCC, ICI and SIFMA commended the SEC for finalizing the rule changes. “The SEC’s action marks a critical milestone and the last major hurdle in the T+2 effort. Moving forward, robust planning and coordination among the industry and regulators will be essential to meet the T+2 target date of September 5, 2017.” said Kenneth E. Bentsen, Jr., SIFMA president and CEO.
SEC Press Release
T+2 Industry Steering Committee Statement
SIFMA Comment Letter to MSRB on Notice 2015-22 (December 2015)
SIFMA Comment Letter to SEC on MSRB Rules G-12 and G-15 (April 2016)