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- The SEC has issued a temporary 'Innovation Exemption' allowing qualifying venues to trade tokenized NMS stocks on-chain using permissioned AMMs, creating a new execution landscape for listed equities.
- This exemption is a five-year, conditional measure, not a new asset class, focusing on secondary trading of genuine NMS stock tokens with specific investor protection conditions.
- RIAs should understand this evolving framework for its implications on best execution, custody, and disclosure, and have an opportunity to provide input during the public comment period.
Topics: Asset types, Legal regulatory, Institutional adoption, Financial instruments, Securities law classification, Asset manager initiatives
Tags: #secinnovationexemption #tokenizedstocks #registeredinvestmentadvisors #tokenizedsecuritiesvenues #automatedmarketmakers #blockchain #nmsstock #bestexecution #custody #disclosure
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