SEC Proposes Expanding Securities Eligible for Cross Trading by Registered Funds
The SEC proposed amendments to its Investment Company Act cross-trading rule for registered funds. The proposal would broaden the securities eligible for cross trading, restore it for most fixed-income securities, and add aggregated reporting for related transactions.
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Registered funds and their affiliates are the direct focus of the proposal, and the change would matter to them immediately because it changes which securities can be crossed under the rule. The added reporting requirement also affects how related transactions would be documented and disclosed going forward.
Before this proposal, the rule covered a narrower set of securities; this would widen that set and bring most fixed-income securities back into scope. What stays the same is that cross-trading remains tied to the Investment Company Act rule and its conditions, rather than becoming unrestricted trading.
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