SEC Commissioner Mark T. Ueda Raises Concerns About Compliance Timelines

SEC Commissioner Mark T. Ueda expressed concern that the agency’s regulated agencies are being overwhelmed by several upcoming compliance deadlines as the SEC continues to move forward with rule development.

When it comes to setting dates for the rules to go into effect, “at least in my opinion, we can’t get them to go into effect at the same time,” Mr. Uyeda said at the Investment Advisers Association Compliance Conference on Monday.

The SEC is busy this year, with its 2023 agenda released in January listing 29 items in the final rulemaking stage and 23 items in the proposed rulemaking stage.

In February, the SEC finalized a rule that would shorten the settlement cycle for U.S. securities by speeding up the cycle to T+1 — settlement of a trade one business day after it is settled — from T+2, or two business days. The final rule moved the compliance date to May 28, 2024 from the original March 31, 2024 date that was included in the rule proposal. However, several industry groups and stakeholders have requested in their comment letters to move the implementation date even further to September 3, 2024.

Mr. Ueda said he supported cutting the cycle to T+1 but voted against the rule due to its compliance date of May 2024.

“In my opinion, we are recklessly moving away from a reasonable transition date, and for this reason, I cannot support the final rule,” Mr. Ueda said at the February 15 SEC meeting.

Similarly, Mr. Ueda voted against a rule passed in November that would require expanded disclosure of information on proxy voting, including on executive remuneration.

At a meeting of the Securities and Exchange Commission on November 2, Mr. Ueda expressed “disappointment at the lack of detailed comment” on the rule, criticizing what he called “the apparent rush to approve this rule.” This rule will come into effect on July 1, 2024.

Mr. Ueda noted the upcoming dates for compliance with the T+1 rule and the proxy voting rule, pointing out that there are many other rules that can be finalized in the near future.

“Some of these deadlines and deadlines just don’t make sense to me for everyone, everywhere, all at once,” he said, referring to Everything, Everywhere, At Once, which won the Oscar for Best Picture on Sunday night. .

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