Settlement
The record date for a cash dividend is Thursday. What is the ex-dividend date?
With T+1 settlement, the ex-dividend date is one business day before the record date. If record date is Thursday, ex-date is Wednesday. Buyers on Tuesday (before ex-date) settle Wednesday and are on record; buyers Wednes
Complete Analysis & Legal Rationale
With T+1 settlement, the ex-dividend date is one business day before the record date. If record date is Thursday, ex-date is Wednesday. Buyers on Tuesday (before ex-date) settle Wednesday and are on record; buyers Wednesday or later settle too late.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Does not match the governing concept in the explanation.
Matches the verified teaching point in the explanation.
Does not match the governing concept in the explanation.
Does not match the governing concept in the explanation.
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA Series 7 outline.