Equity Markets Advisory Content

On February 9, the Securities and Exchange Commission proposed rules to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date ("T+2") to one business day after the trade date ("T+1").

On February 10, the SEC, by seriatim approval, proposed amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal"). Comments on the proposal are due the later of: (i) April 11, 2022 (60 days following the publication of the proposing release...

On January 26, the SEC re-proposed its 2020 amendments to Regulation ATS to require an alternative trading system (ATS) that trades government securities or repos and reverse repos on government securities ("Government Securities ATS") to comply with Regulation ATS and Regulation SCI.

ICI has filed a comment letter with the Commodity Futures Trading Commission providing feedback on the CFTC's request for information and comment (RFI) on amending its swap clearing requirements in light of the upcoming cessation of LIBOR and other IBORs.

As previously advised, on 25 November 2021 the European Commission ("the Commission") adopted four legislative proposals under the auspices of its Capital Markets Union (CMU) action plan. This memo contains a summary of the Commission's proposed reforms.

ICI has filed a comment letter with the Securities and Exchange Commission on proposed rule 10c-1 ("Proposal") under the Securities Exchange Act of 1934, which would require the reporting of securities loans to FINRA.

On Monday, the Investment Company Institute (ICI) filed the attached amicus curiae ("friend of the court") brief to the DC Circuit Court of Appeals in support of the SEC in The Nasdaq Stock Market LLC, et al. v. Securities and Exchange Commission.

Last Friday, the SEC published a notice announcing that on December 8, the participants to the Consolidated Audit Trail (CAT) National Market System (NMS) Plan ("Participants") withdrew its proposed amendment to revise the CAT funding model.

Last Wednesday, the SEC issued a rule proposal to implement additional Dodd-Frank requirements for security-based swaps (SB swaps).

At a public session on December 17, the US Financial Stability Oversight Council (FSOC or Council) issued its 2021 annual report to Congress.