SEC staff guidance published on October 20 says a tokenised securities venue using the agency’s conditional innovation exemption must publish an operating notice at least 30 calendar days before it starts. The venue should have its operations and access standards ready when it discloses them and must keep the notice accurate as details change.
If a venue proposes to trade shares tokenised by a third party, it may disclose that an issuer objection period is still pending, but cannot make the shares available until that period ends without an objection. The guidance consists of staff FAQs interpreting a limited conditional order, not a generally applicable new rule with the force of law.
