When do new settlement T+1 rules kick into effect on the SIE exam?


I’m planning on taking my SIE exam in January. All the current Achievable content regarding settlement dates is currently T+2. Do I need to worry about the upcoming changes to settlement times in May 2024 and the transition to T+1 for my exam?

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Hi, our material is up to date with what we expect you’ll see on the exam!

Since the rules don’t even go into effect until next May 2024, and FINRA typically takes a few months to update their questions for new regulations, it’s safe to assume you’ll see T+2 settlement on your exam.

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Great! Thank you for clarifying :slight_smile:

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I just started Achievable a couple of weeks ago to ease my understanding as my firm recommends Kaplan. Kaplans verbiage can be very difficult understand. I was so relieved to find Achievable to help! I feel I am grasping the concepts much better. Having said that, I occasionally hop over to Kaplan to test to see if I’m understanding the concepts better. The title of this caught me eye, because Kaplan IS teaching T+1 - at least for common stock. This is on my test today:


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Hey @KACF2002, those Kaplan questions are both still referencing the T+2 timeline.

If the record date is Wednesday and it’s T+2 settlement, you would need to place the trade on Monday for it to settle on time. The day after, Tuesday, would be the ex-date.

Great. Thanks. I guess I don’t understand things as well as I thought.

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Hi Justin,

I think you had a typo. Thursday, June 22 would be the ex-date (not Tuesday). From what I am understanding, the ex date is one day before record date.

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Hey @Don_Dibbert, my comment above refers to their second question.

You are correct about this first question:

If the record date is Friday w/ T+2 settlement, the trade must be placed on Wednesday to settle on time, making the ex-date Thursday.

I’ll be taking the Series 7 in July 2024. Do you think FINRA will have updated the test questions to reflect the new settlement by then? Or maybe just not include questions that are too ambiguous given the change (my magical thinking at work)?

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There’s really no way to know, unfortunately. My guess is that you will see some questions on it, but they’ll be still in the QA process and unscored.

When answering, you should definitely use the current regulations at that moment!