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Extension Reason Codes

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Summary

Regulation T - (Purchases)

ReasonReason CodeReasonReason CodeReasonReason Code
Contacting Customer001Check in the Mail002Authorization to Transfer Funds003
Awaiting Collateral004Pending Receipt of Securities Sold to Offset Purchase005Legal Documents006
Unacceptable Check007Foreign Security Sold Under Foreign Settlement008Customer is Ill009
COD-DK Foreign Customer012COD-DK Domestic Customer014COD-Fail 35 days (applies to domestic & foreign)015
Natural Disaster016Customer Account in Transfer017Death in Family018
Awaiting Appointment of Executor019Exceptional Circumstance021  

Notes

 


 

SEA Rule 15c3-3 (Sales and Security Deficits)

ReasonReason CodeReasonReason CodeReasonReason Code
Security in Transfer040Death of Seller041Can't Buy-in042
Dividend Sold Before Payable Date043In Foreign Depository044Security Exchange or Merger045
Postal Strike or Christmas Mail046Customer Account in Transfer047Customer hospitalized048
Lost Certificate049Exceptional Circumstance050Natural Disaster051
Foreign Security Sold Under Foreign Settlement052Security in Transfer070Security in Mail071
Buy-in Issued072Unable to Buy-in073Security at Foreign Depository074
Merger, Exchange or Reorganization075Mutual Fund Certificate076Halted Trading or Buy-in Privilege077
Lost Certificate078Exceptional Circumstance080  

Notes

 


 

FINRA Rule 4210 Extension of Time

ReasonReason CodeReasonReason CodeReasonReason Code
Mark to Market – Covered Agency Transaction060Collateral Valuation – Covered Agency Transaction061Non-US Holiday – Covered Agency Transaction062
Natural Disaster – Covered Agency Transaction063Other – Covered Agency Transaction067Strategy-based Deficiency068
Portfolio Margin Deficiency069    

Notes

 


 

Details

Regulation T - (Purchases)

ReasonContacting Customer
Reason Code001
Reason DescriptionContacting Customer to determine why payment was not yet received. Specific effort must be made to reach the customer to use this reason code.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionNo
Limit Per Code1
Code Limits DescriptionFinal on Reason Extension of Time Request

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ReasonCheck in the Mail
Reason Code002
Reason DescriptionCustomer was contacted and advised the member firm the check is in the mail.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonAuthorization to Transfer Funds
Reason Code003
Reason DescriptionCustomer was contacted and advised the member firm that an authorization to transfer funds from another account is in the mail.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonAwaiting Collateral
Reason Code004
Reason DescriptionCustomer was contacted and advised additional collateral is in the mail.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonPending Receipt of Securities Sold to Offset Purchase
Reason Code005
Reason DescriptionAwaiting receipt of securities sold in another account to release funds sufficient to offset purchase requirement in this account.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonLegal Documents
Reason Code006
Reason DescriptionAwaiting legal documents or clearance of securities sold from legal transfer.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonUnacceptable Check
Reason Code007
Reason DescriptionUnacceptable or improperly drawn check received from customer and returned for correction or new check.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonForeign Security Sold Under Foreign Settlement
Reason Code008
Reason DescriptionForeign Security sold in a foreign securities market based on foreign settlement procedures. Available only for foreign securities transactions in a foreign securities market with a settlement date of three business days through and including the 34th calendar day after trade date.
When to submit first extension

For Reg T extension requests under code 008:

1. If the settlement date is less than or equal to T+2 business days, the request shall be made on T+3 business day, or;

2. If the settlement date is greater than or equal to T+3 business days, the request shall be made on the earlier of one business day after the date on which settlement is required to occur by the rules of the foreign securities market or T+35 calendar days.

Maximum Days Allowed7 Bus.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonCustomer is Ill
Reason Code009
Reason DescriptionCustomer has been unexpectedly hospitalized or taken seriously ill and is incapable of issuing check.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed7 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonCOD-DK Foreign Customer
Reason Code012
Reason Description

Delivery DK'd by bank for no instructions. Customer's address outside the U.S or Canada. To be used when DK occurs prior to the 35th calendar day from trade date.

Note, when a DK'd transaction occurs on the 35th calendar day from trade date, use code 015. Only one extension is permitted on this DK'd transaction.

When to submit first extension

• For Reg T extension requests other than New Issue Securities under codes 012, 014, or 015, the request shall be made no later than T+35 calendar days.

• For Reg T extension requests on New Issue Securities under codes 012, 014, or 015, the request shall be made promptly after the securities have been made available and no later than T+35 calendar days.

Maximum Days Allowed7 Cal.
Count Toward 5 LimitNo
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonCOD-DK Domestic Customer
Reason Code014
Reason Description

Delivery DK'd by bank for no instructions. Customer address in U.S. or Canada. To be used when DK occurs prior to the 35th calendar day from trade date.

Note, when a DK'd transaction occurs on the 35th calendar day from trade date, use code 015. Only one extension is permitted on this DK'd transaction.

When to submit first extension

• For Reg T extension requests other than New Issue Securities under codes 012, 014, or 015, the request shall be made

no later than T+35 calendar days.

• For Reg T extension requests on New Issue Securities under codes 012, 014, or 015, the request shall be made promptly after the securities have been made available and no later than T+35 calendar days.

Maximum Days Allowed2 Bus.
Count Toward 5 LimitNo
Final on TransactionYes
Limit Per Code2*
Code Limits Description

Final on Second Extension of Time Request*

See note on T+1 below.

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ReasonCOD-Fail 35 days (applies to domestic & foreign)
Reason Code015
Reason DescriptionBroker unable to make delivery. Securities in transfer or fail to receive, 35 day item. To be used only when applying firm is unable to make delivery against payment due to fail or similar situation and the transaction(s) involved has reached the 35th calendar day after trade date. Also, to be used when a DK'd transaction occurs on the 35th calendar day from trade date or prior to the expiration of any subsequent extension. Only one extension is permitted on this DK'd transaction.
When to submit first extension

• For Reg T extension requests other than New Issue Securities under codes 012, 014, or 015, the request shall be made

no later than T+35 calendar days.

• For Reg T extension requests on New Issue Securities under codes 012, 014, or 015, the request shall be made promptly after the securities have been made available and no later than T+35 calendar days.

Maximum Days Allowed14 Cal.
Count Toward 5 LimitNo
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonNatural Disaster
Reason Code016
Reason DescriptionNatural Disasters, Acts of God or other abnormal conditions. (Reason may only be used when FINRA staff authorizes it and then solely for the time period and condition specified by staff.)
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed14 Cal.
Count Toward 5 LimitNo
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firm needs FINRA approval prior to submitting such request

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ReasonCustomer Account in Transfer
Reason Code017
Reason DescriptionCustomer account coming from another broker and FINRA Rule 11870 (Customer Account Transfer Contracts) being complied with.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed14 Cal.
Count Toward 5 LimitNo
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonDeath in Family
Reason Code018
Reason DescriptionDeath in customer's immediate family
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed14 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Transaction

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ReasonAwaiting Appointment of Executor
Reason Code019
Reason DescriptionAwaiting Appointment of executor or administrator of deceased customer's account.
When to submit first extension

• Regular way settlement on T+3 business days or

• New Issues, on SD+3 business days

Maximum Days Allowed14 Cal.
Count Toward 5 LimitYes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonExceptional Circumstance
Reason Code021
Reason DescriptionAny other exceptional circumstance not covered by designated codes.
When to submit first extensionException code should only be used if no other code is applicable or if limit in other codes have been exhausted
Maximum Days Allowed14 Cal.
Count Toward 5 LimitNo
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is required.

Notes:
In the case of extensions that count towards limit, 5 for Reg T and 9 for 15c3-3(n), they are counted on a rolling 12-month period. The counting of extensions applies to an account owner without regard to the member firm filing the extension. If a request for an extension exceeds the limit for that code, it will automatically be denied.

*Due to the change in the settlement cycle to T+1 on May 28, 2024, FINRA will allow a single follow-on extension for Reason Code 14 (DK) extensions. FINRA will continue to monitor the need for the additional extension for this Reason Code and may revert to a single extension in the future.

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SEA Rule 15c3-3 (Sales and Security Deficits)

ReasonSecurity in Transfer
Reason Code040
Reason DescriptionSecurity has been placed in transfer by a bank for the customer in order to obtain certificate(s) for the amount of shares sold.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonDeath of Seller
Reason Code041
Reason DescriptionCustomer died on or after trade date. Awaiting appointment of executor or administrator of deceased customer's account.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Yes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonCan't Buy-in
Reason Code042
Reason DescriptionBroker failed in attempt to buy-in because security is in short supply. Broker has an open order to buy-in and trying to complete transaction. Requires that an open order be maintained until the buy-in of the position is accomplished or otherwise resolved.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionYes
Limit Per Code5
Code Limits DescriptionFinal on Fifth Extension of Time Request

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ReasonDividend Sold Before Payable Date
Reason Code043
Reason DescriptionSecurity Dividend Sold Before Payable Date or short position created in customer account due to dividend received directly upon which broker has a claim. Request should be made on the (10) business day after settlement date, as the payable date is deemed to be trade date. If a dividend claim is processed against an account after payable date, then the date the charge is made to the account will be trade date and an extension request, if necessary, would be due (10) business days after settlement date.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Yes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second

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ReasonIn Foreign Depository
Reason Code044
Reason DescriptionSecurity is held in a foreign depository where settlement procedures or delivery terms are incompatible with the rule.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Yes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonSecurity Exchange or Merger
Reason Code045
Reason DescriptionSecurity is in for exchange as a result of merger, consolidation, transfer of assets, exchange offer, recapitalization or other similar transaction or conversion. Reason established to cover situations where an exchange of securities or similar event is being undertaken by customer or delivering agent to accomplish receipt of the security sold.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Yes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonPostal Strike or Christmas Mail
Reason Code046
Reason DescriptionCertificate delayed in mail during Christmas season or due to a postal strike.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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ReasonCustomer Account in Transfer
Reason Code047
Reason DescriptionCustomer account coming from another broker and FINRA Rule 11870 (Customer Account Transfer Contracts) being complied with.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonCustomer hospitalized
Reason Code048
Reason DescriptionCustomer has been unexpectedly hospitalized or taken seriously ill and is incapable of delivering security. (Illness or hospitalization of customer should be of a nature that makes it impossible for client to deliver security. Condition must occur after the transaction was made. If condition existed prior to trade date, then reason may not be used.)
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Yes
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonLost Certificate
Reason Code049
Reason DescriptionBroker lost and is replacing, or customer lost and has already commenced proceedings for replacement. If customer lost, broker must obtain proof customer is replacing by obtaining copy of any required bond or other appropriate proof.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed30 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per Code5
Code Limits DescriptionFinal on Fifth Extension of Time Request

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ReasonExceptional Circumstance
Reason Code050
Reason DescriptionAny other exceptional circumstances not covered by designated codes.
When to submit first extensionException code should only be used if no other code is applicable or if limit in other codes have been exhausted
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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ReasonNatural Disaster
Reason Code051
Reason DescriptionNatural Disasters, Acts of God, or other abnormal conditions. (Reason may only be used when FINRA staff authorizes it and then solely for the time period and condition specified by staff.)
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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Reason

Foreign Security Sold

Under Foreign Settlement

Reason Code052
Reason DescriptionForeign Security sold in a foreign securities market based on foreign settlement procedures. Available only for sale of foreign securities in a foreign market and the security has not been received within (10) business days after settlement date as established by the foreign market.
When to submit first extensionOn the 10th business day after settlement date
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonSecurity in Transfer
Reason Code070
Reason DescriptionSecurity already in Transfer by the delivering party.
When to submit first extension

(d)(2) — on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) — on 45th calendar day after settlement date

Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonSecurity in Mail
Reason Code071
Reason DescriptionSecurity already in mail from the delivering party.
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) — on 45th calendar day after settlement date

Maximum Days Allowed7 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionYes
Limit Per Code1
Code Limits DescriptionFinal on Reason

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ReasonBuy-in Issued
Reason Code072
Reason DescriptionBuy-in notice has been issued, but additional time needed before execution of the buy-in.
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) —  on 45th calendar day after settlement date

Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonUnable to Buy-in
Reason Code073
Reason DescriptionBuy-in notice issued but unable to buy-in due to no market or security in short supply.
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) —  on 45th calendar day after settlement date

(d)(4) —  by the close of business on the second business day after the 30th calendar day of the paragraph (d)(4) deficit.

Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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Reason

Security at Foreign

Depository

Reason Code074
Reason DescriptionSecurity held at foreign depository and delivering party has already advised foreign depository to transfer or issue certificate to you.
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) —  on 45th calendar day after settlement date

Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonMerger, Exchange or Reorganization
Reason Code075
Reason DescriptionSecurity involved in merger, exchange or reorganization and the issuer has not completed re-registration to delivering party.
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) —  on 45th calendar day after settlement date

Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonMutual Fund Certificate
Reason Code076
Reason DescriptionSecurity is a mutual fund and issuer has not issued certificate to delivering party.
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) —  on 45th calendar day after settlement date

Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonHalted Trading or Buy-in Privilege
Reason Code077
Reason DescriptionA self-regulatory organization has halted trading in the security or prohibited the execution of buy-in notices.
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) —  on 45th calendar day after settlement date

(d)(4) —  by the close of business on the second business day after the 30th calendar day of the paragraph (d)(4) deficit.

Maximum Days Allowed14 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionNo
Limit Per Code5
Code Limits DescriptionFinal on Fifth Extension of Time Request

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ReasonLost Certificate
Reason Code078
Reason DescriptionDelivering party has filed the necessary documents with the issuer to replace a lost certificate
When to submit first extension

(d)(2) —  on 30th calendar day after settlement date

(d)(3) —  on 45th calendar day after settlement date

(h) —  on 45th calendar day after settlement date

Maximum Days Allowed30 Cal.

Count Toward 5

Limit

Firm to Firm
Final on TransactionNo
Limit Per Code5
Code Limits DescriptionFinal on Fifth Extension of Time Request

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ReasonExceptional Circumstance
Reason Code080
Reason DescriptionAny other exceptional circumstances not covered by designated codes. (Use of this code requires prior approval.)
When to submit first extensionException code should only be used if no other code is applicable or if limit in other codes have been exhausted
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

 
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is also required. Generally FINRA will not accept code 80 extension for Municipal Securities or Certificates of Deposits.

Notes:
In the case of extensions that count towards limit, 5 for Reg T and 9 for 15c3-3(n), they are counted on a rolling 12-month period. The counting of extensions applies to an account owner without regard to the member firm filing the extension. If a request for an extension exceeds the limit for that code, it will automatically be denied.
FINRA will not grant any exceptional reason code extensions for 15c3-3 (d)(4) when a firm has a deficit in a Municipal Security or Certificate of Deposit (CD)

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FINRA Rule 4210 Extension of Time

ReasonMark to Market – Covered Agency Transaction
Reason Code060
Reason DescriptionMark to Market Disputes on Covered Agency Transactions (FINRA Rule 4210(e)(2)(H)(ii)d.3.)
When to submit first extensionThe request must be made on the date the excess mark to market loss or deficiency, as applicable, occurs + 5 (threshold exceeded) or + 6 (all other) business days.
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonCollateral Valuation – Covered Agency Transaction
Reason Code061
Reason DescriptionCollateral Valuation Disputes on Covered Agency Transactions (FINRA Rule 4210(e)(2)(H)(ii)d.3.)
When to submit first extensionThe request must be made on the date the excess mark to market loss or deficiency, as applicable, occurs + 5 (threshold exceeded) or + 6 (all other) business days.
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonNon-US Holiday – Covered Agency Transaction
Reason Code062
Reason DescriptionNon-US Holiday on Covered Agency Transactions (FINRA Rule 4210(e)(2)(H)(ii)d.3.)
When to submit first extensionThe request must be made on the date the excess mark to market loss or deficiency, as applicable, occurs + 5 (threshold exceeded) or + 6 (all other) business days.
Maximum Days Allowed7 Cal.

Count Toward 5

Limit

No
Final on TransactionYes
Limit Per Code2
Code Limits DescriptionFinal on Second Extension of Time Request

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ReasonNatural Disaster – Covered Agency Transaction
Reason Code063
Reason DescriptionNatural Disasters, Acts of God, or other abnormal conditions. (Reason may only be used when FINRA staff authorizes it and then solely for the time period and condition specified by staff.) (FINRA Rule 4210(e)(2)(H)(ii)d.3.)
When to submit first extensionThe request must be made on the date the excess mark to market loss or deficiency, as applicable, occurs + 5 (threshold exceeded) or + 6 (all other) business days.
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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ReasonOther – Covered Agency Transaction
Reason Code067
Reason DescriptionUnspecified or finalized for other reason for Covered Agency Transactions (FINRA Rule 4210(e)(2)(H)(ii)d.3.)
When to submit first extensionThe request must be made on the date the excess mark to market loss or deficiency, as applicable, occurs + 5 (threshold exceeded) or + 6 (all other) business days.
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionThird extension of time requests requires additional facts and circumstances explaining the reason for the request prior to FINRA Approval

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ReasonStrategy-based Deficiency
Reason Code068
Reason DescriptionMaintenance Margin Deficiency (Interpretation FINRA Rule 4210(f)(6)/02)
When to submit first extensionThe request must be made on the date the margin or mark to market deficiency, as applicable, occurs + 15 business days.
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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ReasonPortfolio Margin Deficiency
Reason Code069
Reason DescriptionMaintenance Margin Deficiency (FINRA Rule 4210(g)(10)(D))
When to submit first extensionThe request must be made on the date the portfolio margin deficiency occurs + 3 business days.
Maximum Days Allowed14 Cal.

Count Toward 5

Limit

No
Final on TransactionNo
Limit Per CodeNone
Code Limits DescriptionMember Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

Notes:
If the Final on Deficiency is "Yes" then the counterparty is limited to the number of extensions shown in the "Limit Per Code" column and additional filings with a different reason code is not permitted.

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