Payable date

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Payable date

The date when dividends or capital gains are paid to shareholders or reinvested in additional shares.

Payable Date

The date on which dividends are given to shareholders, who may either receive a check from the company or elect to receive more shares.
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But "there are inherent risks associated with allocating late and unidentified payments," the paper says, and "while the practice of allocating all entitlements on the payable dates has provided a great deal of certainty for DTC participants and their customers, the exposure to credit and liquidity risk in an increasingly complex financial and regulatory environment has grown to unacceptable levels.
This change will affect issuers because the timely funding of paying agents or of DTC is critical to ensure that entitlements continue to be paid to bondholders on the payable date.
Several years ago, the record and payable dates of a stock dividend for the ADR of a Japanese company overlapped with its Japanese counterpart, resulting in erroneous distribution of a large number of "bonus" shares, much to the chagrin of the agent bank, which still is trying to retrieve the shares.
In many countries, interest and dividends are not paid consistently on the payable date.