Hot Topics Summary

T+2 Industry Implementation Playbook 
On Monday, December 21, 2015,  the T+2 Industry Steering Committee published a T+2 Industry Implementation Playbook (the “Playbook”), which includes a detailed timeline, milestones, and dependencies to achieve a shortened settlement cycle for equities, corporate and municipal bonds, unit investment trusts by the third quarter of 2017 for U.S. Markets. Click here for more information.

SEC Proposes Rules Requiring Companies to Adopt Clawback Policies on Executive Compensation
On July 1st, the SEC  proposed rules directing national securities exchanges and associations to establish listing standards requiring companies to adopt policies that require executive officers to pay back incentive-based compensation that they were awarded erroneously.  Click here for more information.

Shortened Settlement Cycle Industry Steering Committee T+2 White Paper
The financial services industry's T + 2 Steering Committee (ISC) released a white paper on Thursday, June 18, proposing the U.S. move to a T + 2 settlement cycle by the end of 3rd quarter 2017.  Click here for more information.

Cost Basis Regulation
CBRS testing on input records and WebDirect input and output screens resumes on January 14 and implementation on February 22.  Click here for more information.

Cyber Threats
High profile companies have been experiencing data breaches of record-breaking proportions. Click here for more information.

Dematerialization
The move from physical certificates to electronic book keeping. Actual stock certificates are slowly being removed and retired from circulation in exchange for electronic recording. Click here for more information.

FATCA IRS Regulation
Final FATCA Regulations Issued. Click here for more information.

Corporate Actions- Inversions/Re-Domiciled Corporations
Definition:  Re-incorporating a company overseas in order to reduce the tax burden on income earned abroad. Click here for more information.

Issuer Risks/Liabilities
On September 10, 2014 the SEC announced charges against corporate insiders for violating laws requiring prompt reporting of transactions and holdings. Click here for more information.

Proxy Corporate Governance
The framework of rules and practices by which a board of directors ensures accountability, fairness, and transparency in a company’s relationship with its stakeholdersansactions and holdings. Click here for more information.

Proxy Process and initiatives to promote greater transparency and efficiency
The SEC is aware of industry and investor interest in the Commission’s consideration of an update to its rules .Click here for more information.

SEC Exam Priorities
SEC published its 2014 exam priorities with a focus on operational risk. Click here for more information.

SEC New Rules Lost Holder of Securities
The Securities and Exchange Commission unanimously approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact. Click here for more information.

SEC Rule Making
SEC rule making as a result of congressional laws, shareholder protection, orderly markets, sound clearance and settlement system. Click here for more information.

Shareholder Engagement
A strategy used to open channels of communication between a shareholder and a company to improve the environmental, social and governance (ESG) and economic performance of the company. Click here for more information.

Shorten Settlement Cycle
The settlement period for trades has been Trade Date + 3 since 1995.  The improvement in technology along with a number of financial crises since 1995 has driven the need to review the current settlement time. Click here for more information.

Unclaimed Property
States continue to look towards unclaimed property as a source of revenue and as a result, enforcement of escheatment laws continues to increase. Click here for more information.


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