The U.S. Securities and Exchange Commission (SEC) have decided to shorten the standard settlement cycle of US securities from Trade date + 2 business days to Trade date + 1 business day. This means that cut off times for funds managed by companies within the Storebrand Group will change going forward from May 21st, 2024.
For trading in investment funds where Storebrand Asset Management AS is the management company, the cut-off time changes from 15:00 to 13:00 CET (NO ICIN).
For trading in investment funds where Storebrand Fonder AB is the management company, the cut-off time changes from 15:00 to 13:30 CET (SE ICIN).
The change in the cut-off time mentioned above is intended to ensure correct handling of orders and will reflect the transition to a new shortened settlement time for American securities.
Subscription of new units should occur at the unit value according to the first calculation of the price after the subscription time (which is when the subscription is received by the management company and funds in accordance with the subscription are received). To obtain today’s rate (NAV) payments must be received prior to the cut off time.
This means the following cut-off times are applicable to get today’s rates (NAV):
- Subscriptions with payments from an external Norwegian bank account: before 9:00 CET.
- Subscriptions with payments from an external bank account in the Nordics/UK: Express payments before 9:00 CET
- Subscriptions with payments from an internal account: before 13:00 CET.
- Redemptions: Before 13:00 CET.
Delays may occur and time of receipt of the payment is always prevailing.