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B-335098 Mar 10, 2023 1 (2023-03-10)

handle is hein.gao/gaooje0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-335098 March 10, 2023 The Honorable Sherrod Brown Chairman The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick McHenry Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Shortening the Securities Transaction Settlement Cycle Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC) entitled Shortening the Securities Transaction Settlement Cycle (RIN: 3235-AN02). We received the rule on February 16, 2023. It was published in the Federal Register as a final rule on March 6, 2023. 88 Fed. Reg. 13872. The effective date is May 5, 2023. According to SEC, the final rule amends existing rules to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). In addition, SEC states that the rule adopts new requirements related to the processing of institutional trades by broker-dealers and certain clearing agencies. Finally, SEC states that the rule amends certain recordkeeping requirements applicable to registered investment advisers. Enclosed is our assessment of SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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