SEC Approves Faster Stock Account Transfers: No More Transfer Headaches?
Published Date: 9/10/2025
Notice
Summary
The National Securities Clearing Corporation (NSCC) is upgrading its Automated Customer Account Transfer Service (ACATS) to make moving investment accounts between firms faster and smoother. This change affects financial firms and their customers by improving how account transfers are handled, with no extra fees announced. The new rules kick in soon, helping everyone save time and avoid headaches during transfers.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Investment account transfers speed up
If you move investment accounts between firms, transfers will complete faster. ACATS transfers that previously could take up to five days across four stages will now complete without the Settle Prep Day so many transfers settle one business day after NSCC receives the transfer request or after the Delivering Member submits asset data.
Mutual fund acknowledgements must be faster
Mutual fund companies and transfer agents must acknowledge mutual fund re-registration requests faster: acknowledgements must be sent on day 1 or the next business day after receipt instead of taking two days. This change is intended so incentive-charge offsets can be applied in time for shortened ACATS settlements.
Broker-dealer processing windows change under T+1
Under the T+1 settlement cycle, Members (broker-dealers) now have until 10:45 p.m. to submit CNS exemptions and priority instructions, which enables removal of the Settle Prep Day from ACATS and allows one-business-day settlement for certain transfers that previously required two business days.
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