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Information Notice 10/15/21

2022 Holiday Margin Extensions Schedule

Summary

FINRA is publishing this Notice to assist firms with making accurate submissions in connection with requests for Federal Reserve Board Regulation T, SEA Rule 15c3-3 and FINRA Rule 4210 extensions of time around holidays when exchanges or banks are closed. The schedule included in this Notice specifies the due dates for filing requests of extensions of time prior to and after a holiday when the exchanges or banks are closed in 2022. 

Please note that Christmas Day 2021 is observed as an exchange holiday on December 24, however, Federal Reserve banks and branches will be open. The extension schedule is detailed below. Also, Juneteenth National Independence Day is a new holiday added to the calendar and will be observed on June 20, 2022.

Questions regarding this Notice may be directed to Theresa Reynolds, Senior Credit Regulation Coordinator at (646) 315-8567 or by email.

Background

FINRA Rule 4230(a) requires clearing firms for which FINRA is the designated examining authority pursuant to SEA Rule 17d-1, to submit requests for extensions of time as contemplated by Regulation T of the Board of Governors of the Federal Reserve System1 ("Regulation T") and SEA Rule 15c3-3(n)2 to FINRA for approval. Firms are also required to file with FINRA their request for extensions of time to satisfy margin deficiencies pursuant to FINRA Rule 4210.3 FINRA has implemented an automated system for the receipt and processing of such extension of time requests (the REX system). When firms submit incorrect dates in connection with an extension request, the REX system may deny the request, resulting in firms having to resubmit the request with corrected dates. To assist firms in determining the correct filing dates around holidays, FINRA is providing the schedule below. Firms should use the dates noted in this schedule when requesting extensions of time on dates prior to and after any holiday during which exchanges or banks are closed in 2022.

Holiday calendar for Regulation T, SEA Rule 15c3-3, and extension requests under FINRA Rule 4210(f)(6) and FINRA 4210(g)(10)(D) filed via the FINRA REX system excluding Columbus Day and Veterans Day

Market Closed on below Holidays:

Trade Date (or Deficiency Date, for Rule 4210 Extensions)

Settlement Date

Regulation T Extension Due Date

SEA Rule 15c3-3(m) Extension Due Date

Rule 4210 (f)(6) Extension Due Date

Rule 4210(g)(10)(D) Extension Due Date

January 17, 2022 –Martin Luther King, Jr. Day

11-Jan

13-Jan

18-Jan

28-Jan

2-Feb

14-Jan

12-Jan

14-Jan

19-Jan

31-Jan

3-Feb

18-Jan

13-Jan

18-Jan

20-Jan

1-Feb

4-Feb

19-Jan

14-Jan

19-Jan

21-Jan

2-Feb

7-Feb

20-Jan

 

February 21, 2022 –Presidents’ Day

15-Feb

17-Feb

22-Feb

4-Mar

9-Mar

18-Feb

16-Feb

18-Feb

23-Feb

7-Mar

10-Mar

22-Feb

17-Feb

22-Feb

24-Feb

8-Mar

11-Mar

23-Feb

18-Feb

23-Feb

25-Feb

9-Mar

14-Mar

24-Feb

 

April 15, 2022 – Good Friday

11-Apr

13-Apr

18-Apr

28-Apr

3-May

14-Apr

12-Apr

14-Apr

19-Apr

29-Apr

4-May

18-Apr

13-Apr

18-Apr

20-Apr

2-May

5-May

19-Apr

14-APr

19-Apr

21-Apr

3-May

6-May

20-Apr

 

May 30, 2022 – Memorial Day

24-May

26-May

31-May

10-Jun

15-Jun

27-May

25-May

27-May

1-Jun

13-Jun

16-Jun

31-May

26-May

31-May

2-Jun

14-Jun

17-Jun

1-Jun

27-May

1-Jun

3-Jun

15-Jun

21-Jun

2-Jun

 

June 20, 2022 – Juneteenth (Observed)

14-Jun

16-Jun

21-Jun

1-Jul

7-Jul

17-Jun

15-Jun

17-Jun

22-Jun

5-Jul

8-Jul

21-Jun

16-Jun

21-Jun

23-Jun

6-Jul

11-Jul

22-Jun

17-Jun

22-Jun

24-Jun

7-Jul

12-Jul

23-Jun

 

July 4, 2022 –  Independence Day

28-Jun

30-Jun

5-Jul

15-Jul

20-Jul

1-Jul

29-Jun

1-Jul

6-Jul

18-Jul

21-Jul

5-Jul

30-Jun

5-Jul

7-Jul

19-Jul

22-Jul

6-Jul

1-Jul

6-Jul

8-Jul

20-Jul

25-Jul

7-Jul

 

September 5, 2022 –Labor Day

30-Aug

1-Sep

6-Sep

16-Sep

21-Sep

 2-Sep

31-Aug

2-Sep

7-Sep

19-Sep

22-Sep

6-Sep

1-Sep

6-Sep

8-Sep

20-Sep

23-Sep

7-Sep

2-Sep

7-Sep

9-Sep

21-Sep

26-Sep

8-Sep

 

 

November 24, 2022 –Thanksgiving Day

18-Nov

22-Nov

25-Nov

7-Dec

12-Dec

23-Nov

21-Nov

23-Nov

28-Nov

8-Dec

13-Dec

25-Nov

22-Nov

25-Nov

29-Nov

9-Dec

14-Dec

28-Nov

23-Nov

28-Nov

30-Nov

12-Dec

15-Dec

29-Nov

 

December 26, 2022 – Christmas Day (Observed)

20-Dec

22-Dec

27-Dec

9-Jan

12-Jan

23-Dec

21-Dec

23-Dec

28-Dec

10-Jan

13-Jan

27-Dec

22-Dec

27-Dec

29-Dec

11-Jan

17-Jan

28-Dec

23-Dec

28-Dec

30-Dec

12-Jan

18-Jan

29-Dec

Holiday calendar for Regulation T, SEA Rule 15c3-3, and extension requests under FINRA Rule 4210(f)(6) and FINRA 4210(g)(10)(D) filed via the FINRA REX system for  Columbus Day and Veterans Day

The securities exchanges will be open for trading on Columbus Day and Veterans Day. Therefore, each day is considered a business day under Regulation T of the Federal Reserve Board, SEA Rule 15c3-3 and FINRA Rule 4210. However, please note each holiday is not a settlement date because banking institutions will be closed on those days.

Banks Closed on below Holidays:

Trade Date (or Deficiency Date, for Rule 4210 Extensions)

Settlement Date

Regulation T Extension Due Date

SEA Rule 15c3-3(m) Extension Due Date

Rule 4210 (f)(6) Extension Due Date

Rule 4210(g)(10)(D) Extension Due Date

October 10, 2022 – Columbus Day

4-Oct

6-Oct

10-Oct

20-Oct

25-Oct

7-Oct

5-Oct

7-Oct

11-Oct

21-Oct

26-Oct

10-Oct

6-Oct

11-Oct

12-Oct

25-Oct

27-Oct

11-Oct

7-Oct

12-Oct

13-Oct

26-Oct

28-Oct

12-Oct

10-Oct

12-Oct

14-Oct

26-Oct

31-Oct

13-Oct

 

November 11, 2022 – Veterans Day

7-Nov

9-Nov

11-Nov

23-Nov

29-Nov

10-Nov

8-Nov

10-Nov

14-Nov

25-Nov

30-Nov

11-Nov

9-Nov

14-Nov

15-Nov

29-Nov

1-Dec

14-Nov

10-Nov

15-Nov

16-Nov

30-Nov

2-Dec

15-Nov

11-Nov

15-Nov

17-Nov

30-Nov

5-Dec

16-Nov

Endnotes


1 As specified in Sections 220.4(d) and 220.8(b)(4) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a margin account or cash account if payment is not received within one payment period from the date of purchase or, pursuant to Section 220.4(c)(3) and 220.8(d)(1), apply to extend the time period specified. A payment period is defined in Regulation T to mean the number of business days in the standard securities settlement cycle in the United States, as defined in paragraph (a) of SEA Rule 15c6–1 (17 CFR 240.15c6–1(a)), plus two business days). The date by which firms must take action for “regular way” transactions effected on dates prior to and after a holiday when exchanges are closed is shown in the table under the column “Regulation T Extension Due Date.”

All SEA Rule 15c3-3 extension requests must be received on the due dates listed below.

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

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

(d)(4) – on the 2nd business day after the 30th calendar day from the date the segregation deficit occurred

(h)  – on the 45th calendar day after settlement date

(m)  – on the 10th business day after settlement date

These dates also apply to any securities traded on a foreign exchange. Firms must file SEA Rule 15c3-3 extensions on the appropriate dates regardless of the settlement cycle established by the foreign security market on which the security is traded.

2 SEA Rule15c3-3 requires firms to take prompt steps to obtain possession or control of securities pursuant to paragraph (m) through a buy-in procedure or otherwise, if securities are not received within ten business days from the settlement date of the sale, or, pursuant to paragraph (n), apply to extend the time period specified therein. The date by which firms must take such action for “regular way” transactions effected on dates prior to and after a holiday when exchanges are closed is shown in the table under the column “SEA Rule 15c3-3(m) Extension Due Date.”

3 See FINRA Rule 4210(f)(6) and (g)(10)(D).