Important News You Need To Know That SEC Amended Exchange Act Rule 15c6-1 To Shorten The standard Settlement Cycle For Broker-dealers Transaction From “T+3” to “T+2″


SEC news:On March 22, 2017, SEC(the Securities and Exchange Commission) amended Exchange Act Rule 15c6-1 to shorten the standard settlement cycle for broker-dealers transaction from “T+3” to “T+2,” subject to certain exceptions. OIEA(The SEC’s Office of Investor Education and Advocacy) is issuing this investor bulletin to explain the new “T+2” settlement cycle and how it will affect certain transactions you place with your full-service or online brokerage firm.

What Will Change Beacuse Of This Exchange?

Under the new “T+2” settlement cycle, most securities transactions will now settle in two business days of their transaction date. For example, if you sell shares of ABC stock on Monday, the transaction would settle on Wednesday. That means that if you have a securities certificate, you may need to deliver your securities certificate to your broker-dealer earlier or through different means than you do today. If you hold your securities with your broker-dealer, your broker-dealer will deliver the securities on your behalf one day earlier. Similarly, if you are buying securities, you may need to pay for your securities transactions one business day earlier. Please consult with your broker-dealer as to any changes that may specifically affect you or your account.

Which Securities Does the New “T+2” Settlement Cycle Impact?

The “T+2” settlement cycle will apply to the same securities transactions covered by the “T+3” settlement cycle. These include transactions for stocks, bonds, municipal securities, exchange-traded funds, certain mutual funds, and limited partnerships that trade on an exchange.

When Will “T+2” start?

The new “T+2” settlement cycle will apply to all applicable securities transactions occurring on or after September 5, 2017.

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6 thoughts on “Important News You Need To Know That SEC Amended Exchange Act Rule 15c6-1 To Shorten The standard Settlement Cycle For Broker-dealers Transaction From “T+3” to “T+2″”

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