On February 15, 2023, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) issued Release No. 34-96930 (the “Adopting Release”), containing final rules (the “Final Rules”) that will shorten the standard settlement cycle for broker-dealer transactions in securities from the current two business days after the trade date (“T+2”) to one business day (“T+1”). The Final Rules take into consideration comments to the SEC’s previously proposed rules (the “Proposed Rules”) in Release No. 34-94196 (the “Proposing Release”) issued on February 9, 2022. The Final Rules are part of a series of rule proposals advanced by the Commission in the aftermath of the “meme stock” events in early 2021. The compliance date for the Final Rules is May 28, 2024.
Stay up-to-date on our perspectivesSubscribe to Email