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Conformed to Federal Register version
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 232, 240, and 275
[Release Nos. 34-96930, IA-6239; File No. S7-05-22]
RIN 3235-AN02
Shortening the Securities Transaction Settlement Cycle
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
SUMMARY: The Securities and Exchange Commission (“Commission”) is adopting rule
amendments to shorten the standard settlement cycle for most broker-dealer transactions from two
business days after the trade date (“T+2”) to one business day after the trade date (“T+1”). In
addition, the Commission is adopting new rules related to the processing of institutional trades by
broker-dealers and certain clearing agencies. The Commission is also amending certain
recordkeeping requirements applicable to registered investment advisers.
DATES: Effective date: May 5, 2023.
Compliance date: The applicable compliance dates are discussed in Part VII of this release.
FOR FURTHER INFORMATION CONTACT: Matthew Lee, Assistant Director, Susan
Petersen, Special Counsel, Andrew Shanbrom, Special Counsel, Jesse Capelle, Special Counsel,
and Mary Ann Callahan, Senior Policy Advisor, at (202) 551-5710, Office of Clearance and
Settlement, Division of Trading and Markets; Jennifer Porter, Senior Special Counsel, Amy Miller,
Senior Counsel, and Holly H. Miller, Senior Financial Analyst, at (202) 551-6787, Division of
Investment Management; U.S. Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-7010.
https://www.sec.gov/files/rules/final/2023/34-96930.pdf