SEC staff guidance says a venue relying on the temporary exemption for tokenised stocks must publish an operating notice at least 30 calendar days before launching. Operating arrangements and access standards must be ready when disclosed, and the notice must be kept accurate as details change. If the tokenised shares are issued by a third party, the venue cannot make them available before the relevant objection period ends. The guidance takes the form of staff FAQs interpreting an existing conditional order, rather than a new rule generally applicable and endowed with legal force.
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