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ARTICLE · 25 OCTOBER 2023

T-218 Until T+1: Considerations For Investment Advisers

K&L Gates
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On 28 May 2024, the settlement period for substantially all transactions in US markets will be reduced by one day, from two business days after the trade date (T+2) to one business...

United StatesStrategy
Lance Dial
Lance Dial

On 28 May 2024, the settlement period for substantially all transactions in US markets will be reduced by one day, from two business days after the trade date (T+2) to one business day after the trade date (T+1).1 While most of the burden and regulatory obligations associated with this transition rest on broker-dealers, investment advisers and other market participants will have to meet certain expectations from their broker-dealer counterparties regarding the confirmation, allocation, and affirmation process (the Confirmation Process). In addition, investment advisers will be required to create and retain new records relating to the Confirmation Process. Finally, the T+1 transition in the United States will create some complexities for investment advisers making foreign investments and investments in ETFs.

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