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Printer-Friendly Reg T/15c3-3 Extension Requests

The Federal Reserve Board's Regulation T and SEC Rule 15c3-3 provide for the possibility of extensions where investors have not promptly met their obligations relative to a securities transaction.

Regulation T pertains to an investor's obligation when a security is purchased. Specifically, an investor is given a maximum of five business days to pay for securities purchased in a cash or margin account. If payment due exceeds $1,000 and is not received by the end of this time period, the broker/dealer must either liquidate the position or apply for and receive an extension from its designated examining authority.

SEC Rule 15c3-3 pertains to a customer's obligations when securities are sold, other than short sales. SEC Rule 15c3-3 requires that if a security sold long has not been delivered within 10 business days after the settlement date, the broker/dealer must either buy the customer in or apply for and receive an extension from its designated examining authority.

Clearing firms are reminded of their obligations under the Net Capital Rule relative to Regulation T and outstanding deposits and/or margin as described in SEC Rule 15c3-1 (c) (2) (iv) (B). In addition, should a customer fail to meet his/her responsibilities to deliver a security and that failure results in a clearing firm fail-to-deliver, the Net Capital Rule requires charges under certain conditions. These changes are outlined in SEC Rule 15c3-1 ( c) (2) (ix).

• You may go directly to the Regulation Filing Applications by clicking https://RegFiling.nasd.com.
• Questions concerning Regulation T/15c3-3 Extension Request System can be directed to Susan DeMando at (202) 728-8411. Business and Technical questions can be directed to (800) 321-6273 or email.

Please view this other important information about Reg T/15c3-3 Extension Requests.

• Notice to Members 00-45
• • NASD Announces Changes To SEC Rule 15c3-3 Extension Request Reason Codes; Effective Date: July 10, 2000
    
• Letters to Members
• • Regulation T Form Filing Extension
  • • View letter to members regarding regulatory form filings.
• Announcements
• • NASD is making several changes to its Extension Request Reason Codes regarding Federal Reserve Board Regulation T and SEC Rule 15c3-3. The changes include adding codes and aligning some NASD codes with New York Stock Exchange (NYSE) codes; the changes will take effect on February 7, 2000. (See Notice to Members 99-102 for details.
• Reg T Form
• • View a copy of the Reg T Extension Request Form. Reg T is the regulation that governs the extension of credit by and to broker/dealers. Questions concerning this form and/or Reg T may be directed to Susan DeMando at (202) 728-8411.
    
• January 25, 2000 Regulatory & Compliance Workshop Transcript

Frequently Asked Questions

1. Which members will use this system ?

Members that provide Reg T and 15c3-3 filings to FINRA will use this system.

2. What are the differences between the old and new Reg T systems?

The new system has added and modified the available reason codes. For more details, view Notice to Members 99-102.

3. How do I download the data?

When the user clicks on "Download", a .csv file is created. This file can be saved by the user and accessed through Microsoft Excel or Lotus.

4. What is the Representative Number ?

This is the registered representative's CRD number.

5. Every time I change sections, I have to wait for the graphics to appear.

To avoid downloading the graphics (buttons and tabs) each time you change sections, you must modify your browser's cache settings. If you are using Netscape, select Edit - Options - Advanced - Cache - Once Per Session. If you are using Microsoft Internet Explorer, then select View > Internet Options > General > Temporary Internet Files > Settings > Everytime You Start Internet Explorer. This will cache the graphics on your local computer and speed up your access. If you want to force the browser to refresh, then hold the shift key and press reload or refresh.

6. What functions are available through the new Web-enabled application?

The following functions are available through the new application:

• Create and submit extension filings - Regulation T and 15c3-3.
• View a list of active filings for your firm.
• View a list of all submitted filings for your firm.
• Create subsequent filings against active filings that require further extension.
• Edit a previously submitted filing.
• Delete a previously submitted filing.
• Download a filing to your computer.

7. Where do I change my password?

Go to the Tools tab and enter your old and new passwords and click on Change.

8. Why do I get error messages in red when I submit a filing?

If you have not filled out the form properly, you will get error messages. You should correct the errors and click on the Submit button again