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Information Notice 11/18/22 | FINRA.org

Summary

FINRA is publishing this Notice to assist firms with making accurate submissions in connection with requests for Federal Reserve Board Regulation T, SEA Rule 15c3-3 and FINRA Rule 4210 extensions of time around holidays when exchanges or banks are closed. The schedule included in this Notice specifies the due dates for filing requests of extensions of time prior to and after a holiday when the exchanges or banks are closed in 2023. 

Questions regarding this Notice may be directed to Theresa Reynolds, Senior Credit Regulation Coordinator at (646) 315-8567 or email.

Background

FINRA Rule 4230(a) requires clearing firms for which FINRA is the designated examining authority pursuant to SEA Rule 17d-1 to submit requests for extensions of time as contemplated by Regulation T of the Board of Governors of the Federal Reserve System1 (“Regulation T”) and SEA Rule 15c3-3(n)2 to FINRA for approval. Firms are also required to file with FINRA their request for extensions of time to satisfy margin deficiencies pursuant to FINRA Rule 4210.3 FINRA has implemented an automated system for the receipt and processing of such extension of time requests (the REX system). When incorrect dates are submitted in connection with an extension request, the REX system may deny the request, resulting in firms having to resubmit the request with corrected dates. To assist firms in determining the correct filing dates around holidays, FINRA is providing the schedule below. Firms should use the dates noted in this schedule when requesting extensions of time on dates prior to and after any holiday during which exchanges or banks are closed in 2023.

Holiday calendar for Regulation T, SEA Rule 15c3-3, and extension requests under FINRA Rule 4210(f)(6) and FINRA 4210(g)(10)(D) filed via the FINRA REX system, excluding Columbus Day and Veterans Day

Market Closed on Below Holidays:

Trade Date (or Deficiency Date, for Rule 4210 Extensions)

Settlement Date

Regulation T Extension Due Date

SEA Rule 15c3-3(m) Extension Due Date

Rule 4210 (f)(6) Extension Due Date

Rule 4210(g)(10)(D) Extension Due Date

January 2, 2023 – New Year’s Day (Observed)

27-Dec

29-Dec

3-Jan

13-Jan

19-Jan

30-Dec

28-Dec

30-Dec

4-Jan

17-Jan

20-Jan

3-Jan

29-Dec

3-Jan

5-Jan

18-Jan

23-Jan

4-Jan

30-Dec

4-Jan

6-Jan

19-Jan

24-Jan

5-Jan

 

January 16, 2023 – Martin Luther King, Jr. Day

10-Jan

12-Jan

17-Jan

27-Jan

1-Feb

13-Jan

11-Jan

13-Jan

18-Jan

30-Jan

2-Feb

17-Jan

12-Jan

17-Jan

19-Jan

31-Jan

3-Feb

18-Jan

13-Jan

18-Jan

20-Jan

1-Feb

6-Feb

19-Jan

 

February 20, 2023 – Presidents’ Day

14-Feb

16-Feb

21-Feb

3-Mar

8-Mar

17-Feb

15-Feb

17-Feb

22-Feb

6-Mar

9-Mar

21-Feb

16-Feb

21-Feb

23-Feb

7-Mar

10-Mar

22-Feb

17-Feb

22-Feb

24-Feb

8-Mar

13-Mar

23-Feb

 

April 7, 2023 – Good Friday

3-Apr

5-Apr

10-Apr

20-Apr

25-Apr

6-Apr

4-Apr

6-Apr

11-Apr

21-Apr

26-Apr

10-Apr

5-Apr

10-Apr

12-Apr

24-Apr

27-Apr

11-Apr

6-Apr

11-Apr

13-Apr

25-Apr

28-Apr

12-Apr

 

May 29, 2023 – Memorial Day

23-May

25-May

30-May

9-Jun

13-Jun

26-May

24-May

26-May

31-May

12-Jun

15-Jun

30-May

25-May

30-May

1-Jun

13-Jun

16-Jun

31-May

26-May

31-May

2-Jun

14-Jun

19-Jun

1-Jun

 

June 19, 2023 – Juneteenth

13-Jun

15-Jun

20-Jun

30-Jun

6-Jul

16-Jun

14-Jun

16-Jun

21-Jun

3-Jul

7-Jul

20-Jun

15-Jun

20-Jun

22-Jun

5-Jul

10-Jul

21-Jun

16-Jun

21-Jun

23-Jun

6-Jul

11-Jul

22-Jun

 

July 4, 2023 – Independence Day

28-Jun

30-Jun

5-Jul

17-Jul

20-Jul

3-Jul

29-Jun

3-Jul

6-Jul

18-Jul

21-Jul

5-Jul

30-Jun

5-Jul

7-Jul

19-Jul

24-Jul

6-Jul

3-Jul

6-Jul

10-Jul

20-Jul

25-Jul

7-Jul

Market Closed on Below Holidays:

Trade Date (or Deficiency Date, for Rule 4210 Extensions)

Settlement Date

Regulation T Extension Due Date

SEA Rule 15c3-3(m) Extension Due Date

Rule 4210 (f)(6) Extension Due Date

Rule 4210(g)(10)(D) Extension Due Date

September 4, 2023 – Labor Day

29-Aug

31-Aug

5-Sep

15-Sep

20-Sep

1-Sep

30-Aug

1-Sep

6-Sep

18-Sep

21-Sep

5-Sep

31-Aug

5-Sep

7-Sep

19-Sep

22-Sep

6-Sep

1-Sep

6-Sep

8-Sep

20-Sep

25-Sep

7-Sep

November 23, 2023 –Thanksgiving Day

17-Nov

21-Nov

24-Nov

6-Dec

11-Dec

22-Nov

20-Nov

22-Nov

27-Nov

7-Dec

12-Dec

24-Nov

21-Nov

24-Nov

28-Nov

8-Dec

13-Dec

27-Nov

22-Nov

27-Nov

29-Nov

11-Dec

14-Dec

28-Nov

December 25, 2022 –Christmas Day

19-Dec

19-Dec

21-Dec

26-Dec

8-Jan

11-Jan

20-Dec

22-Dec

27-Dec

9-Jan

12-Jan

26-Dec

21-Dec

26-Dec

28-Dec

10-Jan

16-Jan

27-Dec

22-Dec

27-Dec

29-Dec

11-Jan

17-Jan

28-Dec

Holiday calendar for Regulation T, SEA Rule 15c3-3, and extension requests under FINRA Rule 4210(f)(6) and FINRA 4210(g)(10)(D) filed via the FINRA REX system for Columbus Day and Veterans Day

The securities exchanges will be open for trading on Columbus Day and Veterans Day, which are considered a business day under Regulation T of the Federal Reserve Board, SEA Rule 15c3-3 and FINRA Rule 4210. However, please note Columbus Day and Veterans Day are not a settlement date because banking institutions will be closed on these days.

Banks Closed on Below Holidays:

Trade Date (or Deficiency Date, for Rule 4210 Extensions)

Settlement Date

Regulation T Extension Due Date

SEA Rule 15c3-3(m) Extension Due Date

Rule 4210 (f)(6) Extension Due Date

Rule 4210(g)(10)(D) Extension Due Date

October 9, 2023 – Columbus Day

3-Oct

5-Oct

9-Oct

19-Oct

24-Oct

6-Oct

4-Oct

6-Oct

10-Oct

20-Oct

25-Oct

9-Oct

5-Oct

10-Oct

11-Oct

24-Oct

26-Oct

10-Oct

6-Oct

11-Oct

13-Oct

25-Oct

27-Oct

11-Oct

9-Oct

11-Oct

13-Oct

25-Oct

30-Oct

12-Oct

November 10, 2023 – Veterans Day

6-Nov

8-Nov

10-Nov

22-Nov

28-Nov

9-Nov

7-Nov

9-Nov

13-Nov

24-Nov

29-Nov

10-Nov

8-Nov

13-Nov

14-Nov

28-Nov

30-Nov

13-Nov

9-Nov

14-Nov

15-Nov

29-Nov

1-Dec

14-Nov

10-Nov

14-Nov

16-Nov

29-Nov

4-Dec

15-Nov

Endnotes


1As specified in Sections 220.4(d) and 220.8(b)(4) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a margin account or cash account if payment is not received within one payment period from the date of purchase or, pursuant to Section 220.4(c)(3) and 220.8(d)(1), apply to extend the time period specified. A payment period is defined in Regulation T to mean the number of business days in the standard securities settlement cycle in the United States, as defined in paragraph (a) of SEA Rule 15c6–1 (17 CFR 240.15c6–1(a)), plus two business days. The date by which firms must take action for “regular way” transactions effected on dates prior to and after a holiday when exchanges are closed is shown in the table under the column “Regulation T Extension Due Date.”

All SEA Rule 15c3-3 extension requests must be received on the due dates listed below.

(d)(2) – on the 30th calendar day after settlement date

(d)(3) – on the 45th calendar day after settlement date

(d)(4) – on the 2nd business day after the 30th calendar day from the date the segregation deficit occurred

(h)  – on the 45th calendar day after settlement date

(m)  – on the 10th business day after settlement date

These dates also apply to any securities traded on a foreign exchange. Firms must file SEA Rule 15c3-3 extensions on the appropriate dates regardless of the settlement cycle established by the foreign security market on which the security is traded.

2SEA Rule15c3-3 requires firms to take prompt steps to obtain possession or control of securities pursuant to paragraph (m) through a buy-in procedure or otherwise, if securities are not received within ten business days from the settlement date of the sale, or, pursuant to paragraph (n), apply to extend the time period specified therein. The date by which firms must take such action for “regular way” transactions effected on dates prior to and after a holiday when exchanges are closed is shown in the table under the column “SEA Rule 15c3-3(m) Extension Due Date.”

3See FINRA Rule 4210(f)(6) and (g)(10)(D). FINRA will update this Notice to provide guidance on extension request due dates under Rule 4210(e)(2)(H) upon effectiveness of the amendments to that paragraph.