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Inactive Financial Institution Letters

FIL-44-2017
September 19, 2017

Joint Notice of Proposed Rulemaking: Securities Transaction Settlement Cycle

 

Subject:

The notice of proposed rulemaking (NPR), issued jointly by the FDIC and the Office of the Comptroller of the Currency (OCC), would shorten the standard settlement cycle for securities purchased or sold by FDIC-supervised institutions, national banks, and federal savings associations from three to two days (T+2). Adopting this shortened settlement cycle would align the FDIC's and OCC's regulations with the new industry standard settlement cycle as implemented by the U.S. Securities and Exchange Commission (SEC).

Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions. Many FDIC-supervised institutions trade through third-parties that would be subject to the SEC's rules.

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Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at https://www.fdic.gov/news/news/financial/2017/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E 1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).