News & Analysis as of

Capital Markets Settlement

Blake, Cassels & Graydon LLP

OSC Finalizes Rules for Distribution of Disgorged Funds to Harmed Investors

On June 12, 2025, the Ontario Securities Commission (OSC) published its final rules to implement a new statutory framework that will facilitate distributing amounts collected by the OSC under disgorgement orders to harmed...more

A&O Shearman

ESMA publishes technical advice on scope of CSDR settlement discipline regime

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The European Securities and Markets Authority (ESMA) has published a final report and press release, providing technical advice to the European Commission (EC) on narrowing the scope of the Central Securities Depositories...more

A&O Shearman

ECON adopts proposal on shortening of the settlement cycle to T+1 for CSDR

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European Parliament's Committee on Economic and Monetary Affairs has adopted a proposal to amend the Central Securities Depositories Regulation (CSDR), introducing a shorter settlement cycle for transferable securities...more

Cornerstone Research

Number of Securities Class Action Settlements Rises Slightly as Median Settlement Amount Declines from 2023 13-Year High

Cornerstone Research on

The number of securities class action settlements increased slightly in 2024 while the size of those settlements declined, according to a new report from Cornerstone Research. The report, Securities Class Action...more

A&O Shearman

UK government and regulators support the UK's move to T+1

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Representatives of the UK government and regulators spoke at the UK T+1 Accelerated Settlement Market industry event to confirm their support of the UK's move to a T+1 settlement cycle. The Economic Secretary to the Treasury...more

A&O Shearman

European Commission legislative proposal for shortened settlement cycle in EU

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The European Commission (EC) has published a legislative proposal it has adopted for a Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the settlement cycle for EU transactions in...more

A&O Shearman

Financial Markets Standards Board publishes standard for sharing standard settlement instructions

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The Financial Markets Standards Board has published the final version of its standard for sharing standard settlement instructions. The standard establishes core principles which set out expected practices for the sharing of...more

A&O Shearman

Global Foreign Exchange Committee publishes amended FX Global Code of Conduct

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The Global Foreign Exchange Committee (GFXC) has published the updated version of the FX Global Code of Conduct (dated December 2024), which supersedes the previous version (from July 2021). Updates have been made to...more

Proskauer - Regulatory & Compliance

New T+1 Settlement Cycle Takes Effect May 28th

The SEC’s new rules imposing a T + 1 settlement cycle for most securities transactions take effect on May 28, 2024. The previous default settlement cycle had been T + 2. For firm commitment offerings priced after 4:30 p.m....more

Cornerstone Research

Spike in Fourth Quarter SEC Accounting and Auditing Enforcement Activity Results in Notable Increase in FY 2023

Cornerstone Research on

The U.S. Securities and Exchange Commission expanded its accounting and auditing enforcement activity in fiscal year 2023, while monetary settlements dropped for the second consecutive year, according to a new report released...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Enforcement Action Shows a Sharp Focus on Pre-Hedging Disclosures

On April 25, 2023, in In re Mizuho Capital Markets LLC, CFTC No. 23-24, the Commodity Futures Trading Commission (CFTC) issued an enforcement settlement order suggesting potentially heightened disclosure requirements for swap...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Adopts T+1 Settlement Cycle for Most Securities Transactions but Permits T+2 for Firm Commitment Offerings

On February 15, 2023, the Securities and Exchange Commission (SEC) adopted final rule amendments that will shorten the standard settlement cycle for most broker-dealer securities transactions from two business days after the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

SEC Proposes to Amend Rules Governing Its Administrative Proceedings - On September 24, the U.S. Securities and Exchange Commission (the "SEC") proposed to amend rules governing its administrative proceedings. Key...more

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