The National Securities Clearing Corp. says it may shorten the amount of business history insurance carriers need to become NSCC members.
The NSCC has filed a rule change notice concerning the requirements with the U.S. Securities and Exchange Commission.
The change, which could take effect as soon as 35 days from today, would update an NSCC rule change notice released in 2006.
The NSCC, a unit of the Depository Trust & Clearing Corp., New York, helps run the infrastructure that supports broker-to-broker stock, bond and mutual fund trades in the United States.
The NSCC also provides information and money settlement services for mutual fund, variable life insurance and variable annuity transactions.
The 2006 notice replaced the NSCC’s old, multipart membership structure with a system of “full service members” and “limited members,” with the “limited member” category including “mutual fund/insurance services members” and “insurance carrier/retirement services” members.