Fixed-Income Advisory Content

On January 5, the US Treasury Department's Office of Financial Research (OFR) proposed a rule to establish a data collection program covering non-centrally cleared bilateral transactions in the US repurchase agreement ("repo") market (the "Proposed Rule"). The Proposed Rule would...

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") proposed Regulation Best Execution ("Proposal"), which would establish a new Commission standard regarding a broker-dealer's duty of best execution.

The Office of Information and Regulatory Affairs released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions on January 4, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...

Over the last month, FINRA has proposed or adopted three separate reporting requirement changes to the Trade Reporting and Compliance Engine (TRACE). On December 13, 2022, FINRA adopted amendments to require the reporting of transactions in US dollar-denominated foreign sovereign debt...

On December 23, ICI filed a comment letter with the Securities and Exchange Commission on its proposed rules ("Proposal") that would mandate the clearing and settlement of certain secondary market transactions in US Treasury securities in which one of the counterparties is a direct...

On December 14, 2022, the SEC issued four new proposals that if adopted would represent the most sweeping overhaul of the U.S. equity market structure since the adoption of Regulation NMS in 2005.

On November 30, the SEC staff provided updated no-action relief from the application of Rule 15c2-11 for broad categories of fixed income securities (the "letter"). The letter provides temporary relief with respect to those fixed income securities until January 4, 2025.

On September 14, the SEC proposed rules ("Proposal") that would mandate the clearing and settlement of certain secondary market transactions in US Treasury securities in which one of the counterparties is a direct participant of a covered clearing agency for such securities ("Treasury...

On November 10, the Financial Stability Board (FSB) issued a progress report on work to enhance the resilience of non-bank financial intermediation (NBFI). The FSB's NBFI work program, first published as part of its Holistic Review of the March Market Turmoil in November 2020, spans...

On November 2, 2022, by a 3-2 vote, the SEC approved a proposal that would: amend Rule 22e-4 (the "liquidity rule"), which applies to open-end funds; require mutual funds to adopt swing pricing; and change all Form N-PORT filers' reporting obligations