From: Richard Kahn

From: Richard Kahn To: Jeffrey Epstein <jeevacation®gmail.com> Subject: Fwd: SEC Adopts T+2 Settlement by end-Q3 2017 Date: Tue, 28 Mar 2017 19:54:39 +0000 Attachments: T+_2_Update.pdf Inline-Images: image00IgifOID2A7D9F60E2670.gif; image00lgifOlD2A7D9F6OE267O(1).gif Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Begin forwarded message: From: "Ens, Amanda" Date: March 28, 2017 at 3:47:37 PM EDT To: "Rich Kahn"< Subject: SEC Adopts T+2 Settlement by end-Q3 2017 Reply-To: "Ens, Amanda" <I Wanted to make sure you are aware that the industry is moving towards a shortened settlement cycle. This has been discussed for several years, but on Friday, March 24th it was unanimously voted on to adopt this amendment and move forward with T+2 by the end of Q3 2017. Highlights: • As you are aware, there has been an ongoing industry initiative towards shortening the trade settlement cycle to T+2 for several years. See U.S. T+2 Industry Steering Committee (ISC) website here. • The Commission voted unanimously (2-0) to adopt an amendment to Rule 15c6-1 (Settlement Cycle) that would shorten the settlement cycle to T+2. • The adoption of this rule amendment was widely expected and represented a critical milestone in the ISC Timeline (see below) to implement the T+2 settlement cycle by the end of Q3 2017. • The amended rule applies the T+2 settlement cycle to the same securities transactions currently covered by the T+3 settlement cycle which includes: stocks, bonds, municipal securities, ETFs, certain mutual funds, and limited partnerships that trade on an exchange. • The compliance date for the amendment to Rule 156-1 is kptember 5, 2017, which is consistent with the target implementation date previously set by the ISC. • Product in scope can be found here http://www.ust2.com/pdfs/t2-cash-products-in-scope.pdf Source: https://www.sec.govinews/press-release/2017-68-0 EFTA00707977 Chart Source: http://www.ust2.com/pdfs/T2-Playbook-12-21-15.pdf "This material was prepared by Sales personnel of Bank of America Merrill Lynch and is subject to the terms available at the following link www.bankofamerica.com/APRSalesDisclaimer" Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. EFTA00707978