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Up to Dec 1 2010Dec 2 2010 onwards

IM-2522. Computation of Elapsed Days

This rule is no longer applicable. NASD IM-2522 has been superseded by FINRA Rule 4210. Please consult the appropriate FINRA Rule.

The following tables are given to illustrate the method of computing the number of elapsed days in conformity with Rule 2522(a)(2)(B) above:
On bonds (except bonds issued or guaranteed by the United States Government):
From 1st to 30th of the same month to be figured as 29 days
From 1st to 31st of the same month to be figured as 30 days
From 1st to 1st of the following month to be figured as 30 days.

Where interest is payable on 30th or 31st of the month:
From 30th or 31st to 1st of the following month to be figured as 1 day
From 30th or 31st to 30th of the following month to be figured as 30 days
From 30th or 31st to 31st of the following month to be figured as 30 days
From 30th or 31st to 1st of second following month, figured as 1 month, 1 day

On bonds issued or guaranteed by the United States Government:
From 15th of a 28-day month to the 15th of the following month is 28 days
From 15th of a 30-day month to the 15th of the following month is 30 days
From 15th of a 31-day month to the 15th of the following month is 31 days.

The six month's interest period ending:
January 15 is 184 days July 15 is 181* days
 
February 15 is 184 days August 15 is 181* days
 
March 15 is 181* days September 15 is 184 days
 
April 15 is 182* days October 15 is 183 days
 
May 15 is 181* days November 15 is 184 days
 
June 15 is 182* days December 15 is 183 days

* Leap Year Adds 1 day to this period

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