Regulatory Notice 16-09

FINRA Requests Comment on Proposed Amendments to FINRA Rules to Support the Industry Initiative to Shorten the Settlement Cycle for Securities in the U.S. Secondary Market From T+3 to T+2

Comment Period Expires: April 4, 2016

Shortening the settlement cycle from trade date plus three business days (T+3) to trade date plus two business days (T+2) for U.S. secondary market transactions in equities, corporate and municipal bonds, unit investment trusts, and financial instruments composed of these products is an industryled initiative. To support this industry-led initiative, FINRA seeks comment on proposed amendments to FINRA rules relating to the settlement cycle. FINRA proposes to adopt necessary rule changes in a manner and timeline that is consistent with the Securities and Exchange Commission (SEC) and other self-regulatory organizations (SROs) in an effort to provide the regulatory certainty necessary for an efficient transition.

The proposed rule text of the impacted rules is in Attachment A.

Questions concerning this Notice should be directed to:

  • Kosha Dalal, Associate Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-6903; or
  • Sarah Kwak, Counsel, OGC, at (202) 728-8471.
The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments: 
DateCommenterFormat - Size
4/4/2016Investment Company InstitutePDF - 470.53 KB
4/4/2016Thomson ReutersPDF - 136.91 KB
4/4/2016Sutherland Asbill & Brennan LLPPDF - 2.73 MB
4/4/2016Bond Dealers of AmericaPDF - 250.52 KB
4/4/2016Wells Fargo Advisors, LLCPDF - 52.05 KB
4/4/2016Fidelity InvestmentsPDF - 45.23 KB
4/4/2016SIFMAPDF - 252.16 KB
4/8/2016Financial Services InstitutePDF - 113.04 KB