The MSRB filed a partial amendment in order to (i) shorten the amount of time in which a firm may resolve an inter-dealer fail from 20 calendar days to 10 and (ii) permit the buyer to grant a one-time ten-calendar-day extension to the seller.
News & Insights
The SEC solicited comments on the MSRB's proposed amendments concerning close-out procedures for municipal securities. The SEC request for comments was published in the Federal Register.
The MSRB proposed amendments to its uniform practice rule on close-out procedures for municipal securities.
The FDIC and the SEC proposed a rule to govern the orderly liquidation of "covered brokers-dealers," or large broker-dealers that are subject to liquidation under Title II of the Dodd-Frank Act and not dissolution under the Securities Investor Protection Act ("SIPA").
The MSRB solicited comments on proposed draft amendments to MSRB Rule G-12 ("Uniform Practice"). The amendments would update the close-out procedures provided under Rule G-12(h), and require specifically that municipal securities transactions be closed out no later than 30 calendar days after the settlement date.