On February 15, 2023, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) issued Release No. 34-96930 (the “Adopting Release”), containing final rules (the “Final Rules”) that will shorten the standard settlement cycle for broker-dealer transactions in securities from the current two business days after the trade date (“T+2”) to one business day (“T+1”). The Final Rules take into consideration comments to the SEC’s previously proposed rules (the “Proposed Rules”) in Release No. 34-94196 (the “Proposing Release”) issued on February 9, 2022. The Final Rules are part of a series of rule proposals advanced by the Commission in the aftermath of the “meme stock” events in early 2021. The compliance date for the Final Rules is May 28, 2024.

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