SEC Proposes Consolidated Audit Trail System and New Requirements for Municipal Securities Underwriters

Submitted by W. HARDY CALLCOTT, KEVIN A. ZAMBROWICZ, AND TIMOTHY C. FOLEY on Fri, 08/27/2010 - 9:48am

The U.S. Securities and Exchange Commission (“SEC”) recently voted unanimously to propose a new rule (the “Proposal”) that would require self-regulatory organizations (“SROs”) to establish a centralized repository for the collection of real-time order and execution data for all secondary market transactions in National Market System (“NMS”) equity securities and listed options.  The SEC also voted unanimously to adopt amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (the “Exchange Act”) concerning the obligations of Participating Underwriters of municipal bonds.

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