Clearinghouse Pushes Faster Transfers for Investor Account Switches
Published Date: 7/29/2025
Notice
Summary
The National Securities Clearing Corporation (NSCC) is planning to upgrade its Automated Customer Account Transfer Service (ACATS) to make moving investment accounts faster and smoother for everyone involved. These changes will affect brokers and investors by improving how accounts switch hands, with no extra fees announced yet. The new rules are up for review starting July 29, 2025, so keep an eye out for updates!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
ACATS transfers will complete faster
NSCC will remove the ACATS “Settle Prep” day and the second Fund/SERV pending-acknowledgement day so many account transfers will settle one business day after NSCC receives the transfer request instead of two. This change is planned to be implemented on October 17, 2025 and should shorten the time your investment account transfer takes and reduce the period when trading in those assets may be restricted.
Mutual funds must acknowledge faster
Under the new ACATS timeline, mutual fund companies and transfer agents must send acknowledgements on day 1 or the next business day after receiving a mutual fund re-registration request. Previously, mutual funds had until 11:00 a.m. on the second day after receipt to acknowledge those requests; the faster acknowledgement schedule supports the shortened ACATS cycle.
Members can submit CNS exemptions later under T+1
Under the T+1 processing timeline, Members have until 10:45 p.m. Eastern Time to submit CNS exemptions and priority instructions, and DTC's night cycle start time moved to 11:30 p.m. This extended processing window is cited as enabling the elimination of the Settle Prep Day in ACATS.
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