INDUSTRY REQUESTS SEC PROVIDE MORE TIME FOR T+1 IMPLEMENTATION
Several U.S. market participants and industry groups have requested that the Securities and Exchange Commission (SEC) delay its proposed rules implementation date (March 31, 2024) for shortening the securities settlement cycle (T+1), arguing it does not provide the industry sufficient time to make the necessary changes. Industry groups, including the Securities Industry and Financial Markets Association (SIFMA), have recommended a compliance date of September 3, 2024. SIFMA’s recommendation aligns with the IIAC’s recommendation to the SEC.