Important Exam Update

On September 5, 2017 regular way settlement for stock and corporate and municipal bonds changed from 3 business days, to 2 business days. The following operations are impacted as a result of this change for most exams:

1) Regulation T payment date changed from trade date + 5 business days, to trade date + 4 business days
2) Sell out of a customer who has failed to pay for the trade changed from trade date + 6 business days, to trade date + 5 business days
3) The ex-dividend date for stock, closed end funds and ETFs changed from 2 business days prior to the record date, to 1 business day prior to the record date
4) Accrued interest on corporate and municipal bonds now accrues up to and including trade date +1
5) The exercise of a stock option will result in the delivery of the underlying security in 2 business days
6) Under Regulation SHO Rule 204 a mandatory buy-in for a security sold short and not delivered on settlement date changed from trade date +4, to trade date +3.
Additionally, securities sold long and not delivered by settlement date are now subject to a mandatory buy-in on trade date + 5.

As always we are working hard to bring you the most accurate and up to date content. Our materials began reflecting these changes on September 5, 2017 and will continue to be updated in-line with FINRA’s role out of the new information.

Good Luck On Your Exam !

The Securities Institute of America, Inc.

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