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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.