Regulatory Notice 18-30
Enhancements to the REX System and Updates to Data and Other Requirements Applicable to Requests for Extensions of Time Under Regulation T and SEA Rule 15c3-3
FINRA is further delaying the effective date for firms to begin submitting the last four digits of a customer’s Social Security or tax identification number instead of the complete numbers when requesting extensions of time under Rule 4230(a), and the update for certain validation identifiers and validation criteria to meet Regulation T calls. The second testing cycle, which began on December 10, 2018, will also be suspended until further notice. FINRA will provide the new implementation date as soon as it is available and will allow for sufficient time to test.
Effective on December 3, 2018, FINRA will update the Regulatory Extension (REX) system to improve the process for requesting extensions of time required under SEA Rule 15c3-3 and FINRA Rule 4210. Specifically, the changes will provide firms the ability to submit SEA Rule 15c3-3(d)(4) extension of time requests via a batch file process and add functionality to enhance the process by which firms request extensions of time under FINRA Rule 4230(a), SEA Rule 15c3-3(d), (m) and (h), and file the reports required under FINRA Rule 4230(b). Further, effective on February 25, 2019, firms will no longer be required to submit a customer’s complete Social Security or tax identification number, and shall instead submit the last four digits of such numbers when requesting extensions of time under Rule 4230(a). In addition, FINRA is updating certain validation identifiers and validation criteria that will affect the extension timeframes available to meet Regulation T calls. These updates are further detailed in Appendix A of this Notice.
Questions concerning this Notice may be directed to: