Shortening the Securities Transaction Settlement Cycle

Document 2023-03566 is a Final Rule published by the Securities and Exchange Commission in the Federal Register on March 6, 2023, with an effective date of May 5, 2023. 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. View the original at https://www.federalregister.gov/documents/2023/03/06/2023-03566/shortening-the-securities-transaction-settlement-cycle.

No. Document 2023-03566 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.