FINRA updated certain interpretations of Financial and Operational Rules relevant to the revised standard settlement cycle. The standard settlement cycle for most securities transactions was shortened from three business days after the trade date ("T+3") to two days ("T+2"). The interpretations are related to Exchange Act Rule 15c6-1 amendments concerning the new settlement cycle.

The interpretations were provided to FINRA by the SEC Division of Trading and Markets, and apply to Exchange Act Rules 15c3-1 ("Net Capital Requirements for Brokers or Dealers") and 15c3-3 ("Customer Protection – Reserves and Custody of Securities"). All interpretations of Financial and Operational Rules are available here, and the specific pages amended pursuant to the revised settlement cycle are available here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.