• Settlement Date Change Update!  
What is the Ex-Date? The first date on which the stock no longer trades with the dividend attached.
When is the Ex-Date? SAME DAY as the Record Date.

The Ex-Date is NOT set by the Board of Directors! It is a function of the Unform Practice Code (U.P.C.) which standardizes trading practices in the securities industry,

Sample Question 1
The correct answer is C. Purchases made on this date will settle on May 30, so the purchasers will not be owners of record on the record date. The stock begins trading without the dividend on May 29, the same date as the record date

Sample Question 2
The correct answer is C. Reg T requires settlement two days after regular way settlement (Tuesday, March 19 in this case).