Regulatory Notice 08-53

FINRA Revises the Effective Date to Collect and Process Certain CRD Numbers in Connection with Regulation T and SEC Rule 15c3-3 Extensions of Time Requests; Effective Date: April 1, 2009

Executive Summary

This Notice announces a revised effective date for submission of certain Central Registration Depository (CRD) numbers, specifically, registered representative and correspondent firm branch CRD numbers, in connection with Regulation T extension of time requests filed on behalf of correspondent firms. In addition, FINRA is also revising the effective date for member firms to collect and process contra broker-dealer CRD numbers in connection with extensions of time requests filed pursuant to SEC Rule 15c3-3(d)(2).1 As a result, FINRA will allow firms to provide alternate information with respect to these fields beginning November 17, 2008, when the new Reg T System becomes effective (see Regulatory Notice 08-32). Effective April 1, 2009, firms must provide all applicable CRD numbers in extension of time requests.

 

Questions concerning this Notice should be directed to:

 

  • Rudolph Verra, Managing Director, Risk Oversight and Operational Regulation, at (646) 315-8811;
  • Glen Garofalo, Director, Credit Regulation, at (646) 315-8464;
  • Steve Yannolo, Principal Credit Specialist, Credit Regulation, at (646) 315-8621; or
  • Vincent Rotolo, Senior Credit Specialist, Credit Regulation, at (646) 315-8576.

 

See SEC Rule 15c3-3(d)(2) which requires a broker-dealer to take prompt steps to obtain physical possession or control of securities failed to be received for more than 30 calendar days through a buy-in procedure or otherwise.