On February 9, 2022, the SEC proposed shortening the required settlement time for securities transactions from the current two business days after the trade date to one business day after the trade date. It also proposed rules to shorten the process for confirming and affirming trade information and to facilitate so-called straight-through processing of securities transactions that takes place without the need for manual intervention. On February 15, 2023, the SEC adopted final rules that are largely in line with its proposal. This article details the key elements of the rule revisions. See “The SEC’s 2022 Reg Flex Agendas: Major Proposals and Ambitious Timelines” (Jul. 28, 2022).