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B-328963 1 (2017-04-11)

handle is hein.gao/gaobadtih0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-328963 April 11,2017 The Honorable Michael Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: 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 (the Commission) entitled Securities Transaction Settlement Cycle (RIN: 3235-AL86). We received the rule on March 24, 2017. It was published in the Federal Register as a final rule on March 29, 2017, with an effective date of May 30, 2017, and a compliance date of September 5, 2017. 82 Fed. Reg. 15,564. The final rule adopts an amendment to the Settlement Cycle Rule under the Exchange Act of 1934 to shorten the standard settlement cycle for most broker-dealer transactions from 3 business days after the trade date (T+3) to 2 business days after the trade date (T+2). Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements.

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