Regulatory Alerts2017-04-27
Directive to Securities Exchanges and Depositories on Changes to Market Infrastructure
The Securities and Exchange Commission (SEC) issued Directive SEC/DIR/01/2017 to mandate that all securities exchanges and depositories consult the Commission before implementing changes to market infrastructure. The directive requires these entities to submit a comprehensive package of documents, including proposed changes, impact and stakeholder consultation reports, periodic milestone updates, and a final report detailing success factors, test results, and go-live timelines. Failure to comply triggers enforcement actions under Section 48(2) of the Securities Industry Act, 2016.
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