The Office of the Comptroller of the Currency ("OCC") issued a Bulletin to remind industry members that the comment period for the proposed rule change to shorten the standard settlement cycle (from T+3 to T+2) for securities sold and purchased by banks ends on October 11, 2017.
The OCC is inviting comments on a proposal issued in conjunction with the FDIC on September 1, 2017 (see previous coverage). The proposal was made in accordance with a securities industry-wide shift to the shortened settlement cycle. Alternatively, the proposal also contemplates "implementing the two-business-day settlement requirement by cross-reference to the standard settlement cycle provided under Exchange Act Rule 15c6-1(a)."
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