Information Notice - 10/21/25
Summary
The National Securities Clearing Corporation (NSCC) administers the Automated Customer Account Transfer Service (ACATS), a system that automates and imposes specified duties and performance timeframes to facilitate the transfer of accounts, in whole or in part, from one firm to another. The NSCC recently announced an amendment to NSCC Rule 50 (Automated Customer Account Transfer Service) to reflect, among other things, the removal of the settlement preparation stage (“Settle Prep” or the “Settle Prep Day”) from the ACATS transfer process.
Richard Shulman
Richard Shulman is Vice President, Surveillance Optimization and Innovation. He manages a team responsible for improving the efficiency and effectiveness of FINRA’s surveillance program through continuous innovation and optimizing and refining surveillance patterns and business processes.
Patrick Geraghty
Patrick Geraghty is Senior Vice President, Market Compliance and Customer Order Handling Surveillance, Market Oversight. In this role, Mr. Geraghty provides operational management of surveillance patterns, including best execution, markups, CAT reporting, trade reporting, compliance with Reg NMS and Reg SHO and various FINRA conduct rules across equities, options and fixed income securities.