Proposed Rules. Concept release; Request for comment

Agency: Securities and Exchange Commission
Action: Concept release; Request for comment
Citation: 69 FR (No. 53) · FR Doc. 04-5981 · RIN 3235-AJ19 · Release No. 33-8398; 34-49405; IC-26384; File No. S7-13-04 · 17 CFR 240

Summary

The Securities and Exchange Commission (“Commission”) is seeking comment on methods to improve the safety and operational efficiency of the U.S. clearance and settlement system and to help the U.S. securities industry achieve straight-through processing. First, the Commission is seeking comment on whether the Commission should adopt a new rule or the self-regulatory organizations should be required to amend their existing rules to require the completion of the confirmation and affirmation process on trade date (“T+0”) when a broker-dealer provides delivery-versus-payment or receive-versus-payment privileges to a customer. Second, the Commission is seeking comment on the benefits and costs associated with implementing a settlement cycle for most broker-dealer transactions that is shorter than three days (“T+3”). Third, the Commission is seeking comment on reducing the use of physical securities.

Dates

Comments should be submitted on or before June 16, 2004.