SEC: Cross Trade Practice Feedback Sought from Industry
Monday, April 19, 2021 On March 11, 2021, the staff of the SEC’s Division of Investment Management issued a statement soliciting industry feedback on the regulatory regime governing registered fund cross trading following the adoption of the new valuation rule in December 2020. Fund cross trades must be effected in accordance with Rule 17a-7 under the Investment Company Act. Absent further SEC staff guidance or SEC action, however, Rule 17a-7 may no longer be available for cross trades in fixed income securities beginning in September 2022, as a result of the new valuation rule’...
Source: natlawreview.com