PANews October 10 news: The U.S. SEC announced a proposal to amend Rule 17a-7 under the Investment Company Act, the "cross-trading rule," to restore the ability of registered funds to cross-trade most fixed-income securities with their affiliates, a practice previously restricted by the 2020 fund valuation rule. The proposal would update conditions such as pricing and oversight, and require funds engaging in cross-trading to submit summary reports. SEC Chairman Paul Atkins said cross-trading can help funds avoid public market transaction costs. The comment period is 60 days.
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