MSRB Solicits Comments on Amendments to Shorten Securities Settlement Cycle (MSRB Reg. Notice 15-22)

The MSRB requested comments on draft amendments to MSRB Rules G-12 ("Uniform Practice") and G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers").

The MSRB specified that the draft amendments (i) would facilitate shortening the settlement cycle for transactions in municipal securities and (ii) are being proposed in response to a securities industry-led initiative to shift from the current T+3 (trade date plus three days) regular-way settlement cycle to a T+2 (trade date plus two days) regular-way settlement cycle. The MSRB noted that this initiative is being led by the Industry Steering Committee jointly chaired by the Investment Company Institute and SIFMA.

Comments on the draft amendments must be submitted by December 10, 2015.