Notice to Members 05-47

Unexpected Close of Securities Markets

This Notice provides guidelines to members regarding the applicability of Exchange Act Rules 15c3-1 and 15c3-3, NASD Rule2 520, and Federal Reserve Board Regulation T in the event the securities markets unexpectedly close. The Notice explains the circumstances under which the day of the unexpected close is to be considered a "regular business day" and the circumstances under which it should be considered a "non-business day."

Questions regarding this Notice may be directed to Susan M. DeMando, Associate Vice President, Financial Operations, Department of Member Regulation, at (202) 728-8411.