Regulatory Notice 17-12

Regulation T and SEA Rule 15c3-3 Extension of Time Requests Under a T+2 Settlement Cycle

Summary

FINRA is updating the Regulatory Extension (REX) system to enable firms to file extension of time requests under a shortened settlement cycle. The Securities and Exchange Commission (SEC) has amended Rule 15c6-1(a) under the Securities Exchange Act of 1934 (SEA or Exchange Act) to shorten the standard settlement cycle for most broker-dealer transactions from T+3 to T+2. Firms may file such requests beginning September 11, 2017, via the batch file process and by completing the currently available online request form that is accessible by logging in to the REX system via the FINRA Firm Gateway.

Questions concerning this Notice should be directed to:

  • Adam Rodriguez, Director, Credit Regulation, at (646) 315-8572;
  • Peter Grassi, Project Manager, Credit Regulation, at (212) 416-1786; or
  • Theresa Reynolds, Senior Credit Specialist, Credit Regulation, at (646) 315-8567.