Avstämningsdagar

Avstämningsdagar are dates used in the Swedish financial system to determine which investors are eligible for certain corporate actions, most commonly dividends and rights issues. The avstämningsdag marks the point at which an investor must be registered as the holder of the security to receive the specified benefit. It is a record-keeping date and is distinct from the actual payment or delivery date.

Typically, a corporate action involves several related dates. The avstämningsdag is set by the issuer in consultation with the registrar and the clearing system. The ex-dag (ex-date) often lies close to the avstämningsdag and indicates the first day the stock trades without entitlement to the upcoming benefit. The settlement or payment date is when the dividend is actually transferred or the rights are distributed. Because of this sequence, ownership on or before the avstämningsdag is usually required to participate in the action.

Avstämningsdagar are used for listed companies, mutual funds and other securities where ownership records determine entitlement to distributions or subscription rights. They affect investors, registrars, and brokers, as timely and accurate record-keeping ensures proper allocation of proceeds or new shares.

Example: if a company announces a dividend with an avstämningsdag of July 15, investors who hold the shares on July 15 receive the dividend, while those who buy on July 16 are not eligible, even though payment may occur later.

See also: record date, ex-date, dividend, corporate action, settlement cycle.