OCC Issues Guidance on Shortened Standard Securities Settlement Cycle

Posted: Jan 24 2024

The OCC issued a bulletin to highlight actions that banks should take to prepare for a change in the standard securities settlement cycle for most U.S. securities transactions. The Securities and Exchange Commission (SEC) last year adopted final rules that shorten the standard settlement cycle for most broker-dealer transactions from the second business day after the trade date to the first business day after the trade date. Banks should evaluate their preparedness for the accelerated settlement cycle and employ effective change management processes for timely implementation of this industry-wide change, the OCC said. The compliance date is May 28, 2024.

To read more, visit: https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-3.html