Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rules To Conform to Exchange Act Rules 15c6-1 and 15c6-2 To Shorten the Standard Settlement Cycle for Most Broker-Dealer Transactions From Two Business Days After the Trade Date to One Business Day After the Trade Date

The Securities and Exchange Commission (SEC) published in the Federal Register (requested) rule changes of the Financial Industry Regulatory Authority (FINRA) for public comment.
As described in the Federal Register, FINRA proposes (proposed) to amend numerous rules to make conforming adjustments in relation to the SEC’s final regulation to shorten the standard settlement cycle for most broker-dealer securities transactions from two business days (T+2) to one business day (T+1) (EventID 19797). The rule changes would apply on same day as the SEC’s amendments and would affect affect a large number of FINRA rules regarding transaction reporting, payment terms, and trade report processing, among others. Please see EventID 24191 for a more detailed description of the „proposed“ changes.
Due to the fact that FINRA has designated the proposed rule change as constituting a “non-controversial” rule change and as the SEC found that the change did not „significantly affect the protection of investors or the public interest, impose any significant burden on competition; and become operative for 30 days from the date on which it was filed […], it has become effective“ upon filing with the SEC. Nonetheless, the SEC is required to seek comments on the changes which may be submitted to the Commission up to December 29, 2023.