AGL 6.45 Decreased By ▼ -0.05 (-0.77%)
ANL 9.50 Decreased By ▼ -0.20 (-2.06%)
AVN 74.95 Decreased By ▼ -0.88 (-1.16%)
BOP 5.35 Increased By ▲ 0.03 (0.56%)
CNERGY 4.80 Decreased By ▼ -0.05 (-1.03%)
EFERT 78.00 Increased By ▲ 0.51 (0.66%)
EPCL 54.15 Decreased By ▼ -1.06 (-1.92%)
FCCL 15.00 Decreased By ▼ -0.25 (-1.64%)
FFL 6.20 Decreased By ▼ -0.10 (-1.59%)
FLYNG 7.01 Increased By ▲ 0.16 (2.34%)
GGGL 10.05 Decreased By ▼ -0.12 (-1.18%)
GGL 15.94 Decreased By ▼ -0.37 (-2.27%)
GTECH 7.85 Increased By ▲ 0.41 (5.51%)
HUMNL 6.27 Decreased By ▼ -0.06 (-0.95%)
KEL 2.83 Decreased By ▼ -0.14 (-4.71%)
LOTCHEM 27.65 Decreased By ▼ -0.65 (-2.3%)
MLCF 27.00 Decreased By ▼ -0.56 (-2.03%)
OGDC 73.35 Decreased By ▼ -0.65 (-0.88%)
PAEL 15.30 Decreased By ▼ -0.29 (-1.86%)
PIBTL 5.15 Decreased By ▼ -0.10 (-1.9%)
PRL 16.10 Decreased By ▼ -0.48 (-2.9%)
SILK 1.04 Decreased By ▼ -0.02 (-1.89%)
TELE 10.45 Decreased By ▼ -0.20 (-1.88%)
TPL 7.69 Decreased By ▼ -0.19 (-2.41%)
TPLP 19.22 Decreased By ▼ -0.48 (-2.44%)
TREET 22.75 Decreased By ▼ -0.25 (-1.09%)
TRG 115.90 Decreased By ▼ -4.20 (-3.5%)
UNITY 21.80 Decreased By ▼ -0.34 (-1.54%)
WAVES 11.15 Decreased By ▼ -0.05 (-0.45%)
WTL 1.12 Decreased By ▼ -0.03 (-2.61%)
BR100 4,039 Decreased By -56.1 (-1.37%)
BR30 14,984 Decreased By -242.5 (-1.59%)
KSE100 40,620 Decreased By -307.7 (-0.75%)
KSE30 15,213 Decreased By -142.6 (-0.93%)
Follow us

WASHINGTON: The US Securities and Exchange Commission (SEC) said on Friday that it would delay enforcement of certain assets from a new disclosure rule for off-exchange securities until Jan. 3, 2022.

The new compliance date was due to come into effect on Tuesday.

The agency's no action letter, which affects quotes published by broker dealers for buying and selling of government bonds, does not change or amend the compliance date for a new rule aimed at stamping out fraud in US equities markets starting on Sept. 28, 2021, the agency said.

The position "concerns enforcement action only and does not represent a legal conclusion with respect to the applicability of statutory or regulatory provisions of the securities laws," the agency said.

Next week's new measure aims US 'pink sheets' in shakeup as securities regulator looks to stamp out fraud to boost investor disclosures by requiring off-exchange issuers to make accurate, up-to-date financial information publicly available. These are frequently penny-stock companies that do not meet the main exchanges' listing standards.

The requirements have sown confusion in the bond market as bankers, trading platforms and investors now face intense compliance demands ahead of an unforeseen month-end deadline.

The Financial Times reported this week that the new regulation may stave off broker dealers from trading in this space and taking on risks for fear of attracting an SEC enforcement action.

Bond trade associations, including the Bond Dealers of America and the Securities Industry and Financial Markets Association, wrote to regulators to say amended rules will have a "significant, deleterious effect" on government and corporate bond markets, and pleaded for an explicit reprieve, or more time to comply, the FT reported. The SEC's Friday letter is a response to such cries by industry. While compliance is still mandatory by the Tuesday deadline, the top markets watchdog said its delay of enforcement actions is meant to allow for the necessary industry "operational and systems changes" that may lead to compliance with the rule.

Comments

Comments are closed.