Federal Register: SEC Grants Accelerated Approval to MSRB's Close-out Proposal
The SEC granted accelerated approval of the MSRB's proposal, as modified by Amendment No. 1, to amend MSRB Rule G-12 in order to mandate the closing out of failed inter-dealer transactions within a specified period. The SEC also requested comments on the proposal. The final rule change and request for comments were published in the Federal Register.
Comments on the final rule change must be submitted by September 14, 2016.
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The MSRB notified member firms that the SEC approved a mandate that inter-dealer failed transactions be closed-out within 10 calendar days, with an allowance for an additional 10-calendar day extension at the buyer’s discretion.
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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.
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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.
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The MSRB proposed amendments to its uniform practice rule on close-out procedures for municipal securities.
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The MSRB's approved amendments (i) defining "regular-way settlement" to mean a two-day settlement cycle for municipal securities after the trade date ("T+2"), and (ii) revising MSRB Rules G-12 ("Uniform Practice") and G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements").
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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.