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The record date is a cut-off date by which you must be a shareholder of a company's stock in order to qualify for a dividend payment or capital gains distribution. You become a shareholder of record on the date you purchase a stock (not on the settlement date, which is generally three days later). The company that issued the stock and that plans to pay dividends determines the record date. The NASD or the exchange on which the security trades then uses that date to establish the "ex-dividend date." per SEC
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