February 15, 2023
The Investment Adviser Association supports the SEC’s decision today to finalize rules to shorten the standard settlement cycle, but we have some concerns with how the final rules will affect investment advisers and the markets.
As expected, investment advisers will be required to make and keep certain trading records. The IAA is pleased to see that the SEC accepted our recommendation to allow advisers to rely on third parties to satisfy these new obligations.
We are disappointed that the SEC did not accept the widely-made request, including by the IAA, to delay the settlement cycle compliance date until September 3, 2024. This would have aligned the U.S. change with Canada’s move to T+1, and in our view would have provided adequate time for the industry to make the changes necessary to come into compliance. We remain hopeful that the SEC will nevertheless extend this date.
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