Instruction cutoff for settlement: Beneficiary instructions within 24 hours before pay in must be acted on; late instructions at owner's risk. Execution of Beneficiary Owner's instructions received by Depository Participants within 24 hours before pay-in time is mandated; instructions received after that cutoff may be executed at the risk of the Beneficiary Owner. Depositories must communicate the cutoff to Participants and report compliance to the regulator, and the directive takes immediate effect.