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Commissioner Piwowar: Delay in Commission Action on T+2 Settlement Cycle “Wholly Unacceptable”

In a recent statement, SEC Commissioner Piwowar criticized the Commission for its failure to act on rules that would shorten trade settlement cycles to T+2.  According to Commissioner Piwowar, the rule would “enhance the efficiency of the securities markets, decrease risks in the financial system to retail investors and other market participants, and conform trade processing in the United States to other global markets.”

Commissioners Piwowar and Stein issued a statement last year supporting the shortened settlement times.  In addition, Piwowar’s statement cites support from a number of other industry participants.   However, despite the support and the fact that the Regulatory Flexibility Agenda anticipated a June 2016 date for a rule proposal, the Commission has not yet acted.  Commissioner Piwowar called the delay in acting “totally unacceptable.”  In addition, he said that the delay would make market participants “wonder whether the Commission is truly committed to shortening the settlement cycle.”

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