ARTICLE
6 April 2017

MSRB Sets T+2 Compliance Deadline

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
This effective date is consistent with the transition of the broader industry to a T+2 regular-way settlement.
United States Corporate/Commercial Law

The MSRB announced that municipal securities transactions will transition to a "regular-way settlement" cycle of two days ("T+2") on September 5, 2017. This effective date is consistent with the transition of the broader industry to a T+2 regular-way settlement.

On April 29, 2016, the SEC approved amendments to MSRB Rules G-12 and G-15. At the time of the approval, the MSRB stated that the compliance date would not be announced until the SEC made corresponding amendments to Exchange Act Rule 15c6-1. The SEC adopted amendments to Rule 15c6-1 on March 22, 2017.

The T+2 cycle is expected to improve capital efficiency and reduce risk.

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