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Timing Matters: Statement On Shortening The Settlement Cycle, SEC Commissioner Hester M. Peirce, Feb. 15, 2023

Date 15/02/2023

Thank you, Mr. Chair. And thank you to the staff in the Divisions of Trading and Markets, Economic and Risk Analysis, and Investment Management, and the Office of the General Counsel for your hard work on this rulemaking. I enjoyed our interactions throughout the process and appreciate your work on this important project.
Statement On Final Rule On Shortening The Securities Transaction Settlement Cycle, SEC Commissioner Mark T. Uyeda, Feb. 15, 2023

Date 15/02/2023

Thank you, Chair Gensler. Today, the Commission considers rule amendments to shorten the settlement cycle for certain securities transactions from two business days to one business day after the trade date, a standard known as “T +1.” The Commission is also considering requiring broker-dealers to either enter into written agreements, as specified in the rule, or establish, maintain, and enforce written policies and procedures reasonably designed to address certain objectives related to completing allocations, confirmations, and affirmations and to require investment advisers to make and keep records regarding the same.
Statement On Proposed Rule Regarding The Safeguarding Of Advisory Client Assets, SEC Commissioner Mark T. Uyeda, Feb. 15, 2023

Date 15/02/2023

Thank you, Chair Gensler. Section 223 of the Investment Advisers Act of 1940 (“Advisers Act”) was added in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. It is deceptively simple:
Statement On Rule Amendments Shortening The Settlement Cycle, SEC Commissioner Caroline A. Crenshaw, Feb. 15, 2023

Date 15/02/2023

It has now been over two years since GameStop and other “meme” stocks brought market structure into the spotlight. While the events of January 2021 are no longer front-page news, the issues that they highlighted related to market structure and retail investing are still front of mind for the SEC. Since then, the SEC has proposed new rules on a wide range of issues implicated in the GameStop events, including securities lending, short sale disclosures, and most recently, a package of equity market structure reforms designed to improve outcomes for investors by increasing competition, transparency, and integrity in the markets.
Increasing Market Fairness And Efficiency For Investors, SEC Commissioner Jaime Lizárraga, Feb. 15, 2023

Date 15/02/2023

The Commission’s ongoing project to modernize many of the rules that govern the day-to-day operations of our capital markets is essential to advancing the interests of the investing public. Where there are unnecessary risks and inefficiencies, it is our responsibility to tackle them and ensure that we fulfill our mission of maintaining fair, orderly and efficient markets.

Protecting Investors’ Assets, SEC Commissioner Jaime Lizárraga, Feb. 15, 2023

Date 15/02/2023

Protecting investors’ assets is a fundamental component of the SEC’s mission. The proposal before us today strengthens and modernizes an existing rule that was designed to provide meaningful and enhanced protections directly to investors, and in particular, to working families who hire an investment adviser.
Statement On Safeguarding Advisory Client Assets Proposal, SEC Commissioner Caroline A. Crenshaw, Feb. 15, 2023

Date 15/02/2023

I am pleased to support today’s proposal relating to amendments to the Custody Rule, or the newly minted “Safeguarding Advisory Client Assets” Rule.
Statement On Safeguarding Advisory Client Assets Proposal, SEC Commissioner Hester M. Peirce, Feb. 15, 2023

Date 15/02/2023

Thank you, Chair Gensler. Safeguarding client assets is at the heart of investor protection. Accordingly, I had anticipated supporting a proposal to amend the custody rule, which, after fourteen eventful years, deserves another update. Significant aspects of the proposed approach and its implementation timeline, however, raise such great questions about the rule’s workability and breadth that I cannot support today’s proposal. I look forward to hearing from my colleagues today and from commenters during the comment period and hope that I can support the final safeguarding rule.
SEC Proposes Enhanced Safeguarding Rule For Registered Investment Advisers

Date 15/02/2023

The Securities and Exchange Commission today proposed rule changes to enhance protections of customer assets managed by registered investment advisers. If adopted, the changes would amend and redesignate rule 206(4)-2, the Commission’s custody rule, under the Investment Advisers Act of 1940 and amend certain related recordkeeping and reporting obligations.
Statement On Proposed Rules Regarding Investment Adviser Custody, SEC Chair Gary Gensler, Feb. 15, 2023

Date 15/02/2023

Today, the Commission is considering a proposal to expand and enhance the role of qualified custodians when registered investment advisers custody assets on behalf of their investors. I support this proposal because, in using important authorities Congress granted us after the financial crisis, it would help ensure that advisers don’t inappropriately use, lose, or abuse investors’ assets.