SEC Extends Broker-Dealer Responsibility Rule Comment Period a Month. The Securities and Exchange Commission has extended until June 18 the comment period for its Amendments to Financial Responsibility Rules for Broker-Dealers. The proposed changes to Rule 15c3-3 and Rule 15c3-1 would allow large treasury money market funds to be used as special reserves and collateral for brokerage firms. The proposal also includes a dramatic increase in disclosure requirements for lower-yielding brokerage "sweep" accounts to banks. Commments to date may be seen here. Federated Investors, which spearheaded the money fund-related changes, and counsel Dechert LLP expressed disappointment in the rules as currently written, saying, "Unfortunately, we believe that the proposed changes ... fall short of the needs of the marketplace."

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