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Information Notice – 12/9/19

2020 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 2020.  

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

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 incorrect dates are submitted 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 2020. 

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 1, 2020 - New Year’s Day

26-Dec

30-Dec

2-Jan

14-Jan

17-Jan

31-Dec

27-Dec

31-Dec

3-Jan

15-Jan

21-Jan

2-Jan

30-Dec

2-Jan

6-Jan

16-Jan

22-Jan

3-Jan

31-Dec

3-Jan

7-Jan

17-Jan

23-Jan

6-Jan

 

January 20, 2020 - Martin Luther King, Jr. Day

14-Jan

16-Jan

21-Jan

31-Jan

5-Feb

17-Jan

15-Jan

17-Jan

22-Jan

3-Feb

6-Feb

21-Jan

16-Jan

21-Jan

23-Jan

4-Feb

7-Feb

22-Jan

17-Jan

22-Jan

24-Jan

5-Feb

10-Feb

23-Jan

 

February 17, 2020 - Presidents’ Day

11-Feb

13-Feb

18-Feb

28-Feb

4-Mar

14-Feb

12-Feb

14-Feb

19-Feb

2-Mar

5-Mar

18-Feb

13-Feb

18-Feb

20-Feb

3-Mar

6-Mar

19-Feb

14-Feb

19-Feb

21-Feb

4-Mar

9-Mar

20-Feb

 

 

April 10, 2020 - Good Friday

6-Apr

8-Apr

13-Apr

23-Apr

28-Apr

9-Apr

7-Apr

9-Apr

14-Apr

24-Apr

29-Apr

13-Apr

8-Apr

13-Apr

15-Apr

27-Apr

30-Apr

14-Apr

9-Apr

14-Apr

16-Apr

28-Apr

1-May

15-Apr

 

 

May 25, 2020 - Memorial Day

19-May

21-May

26-May

5-Jun

10-Jun

22-May

20-May

22-May

27-May

8-Jun

11-Jun

26-May

21-May

26-May

28-May

9-Jun

12-Jun

27-May

22-May

27-May

29-May

10-Jun

15-Jun

28-May

 

July 3, 2020 - Independence Day

29-Jun

1-Jul

6-Jul

16-Jul

21-Jul

2-Jul

30-Jun

2-Jul

7-Jul

17-Jul

22-Jul

6-Jul

1-Jul

6-Jul

8-Jul

20-Jul

23-Jul

7-Jul

2-Jul

7-Jul

9-Jul

21-Jul

24-Jul

8-Jul

 

September 7, 2020 - Labor Day

1-Sep

3-Sep

8-Sep

18-Sep

23-Sep

4-Sep

2-Sep

4-Sep

9-Sep

21-Sep

24-Sep

8-Sep

3-Sep

8-Sep

10-Sep

22-Sep

25-Sep

9-Sep

4-Sep

9-Sep

11-Sep

23-Sep

28-Sep

10-Sep

 

 

November 26, 2020 -Thanksgiving

20-Nov

24-Nov

27-Nov

9-Dec

14-Dec

25-Nov

23-Nov

25-Nov

30-Nov

10-Dec

15-Dec

27-Nov

24-Nov

27-Nov

1-Dec

11-Dec

16-Dec

30-Nov

25-Nov

30-Nov

2-Dec

14-Dec

17-Dec

1-Dec

 

December 25, 2020 - Christmas

21-Dec

23-Dec

28-Dec

8-Jan-21

13-Jan-21

24-Dec

22-Dec

24-Dec

29-Dec

11-Jan-21

14-Jan-21

28-Dec

23-Dec

28-Dec

30-Dec

12-Jan-21

15-Jan-21

29-Dec

24-Dec

29-Dec

31-Dec

13-Jan-21

19-Jan-21

30-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 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 that neither Columbus Day nor Veterans Day is 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 12, 2020 - Columbus Day

6-Oct

8-Oct

12-Oct

22-Oct

27-Oct

9-Oct

7-Oct

9-Oct

13-Oct

23-Oct

28-Oct

12-Oct

8-Oct

13-Oct

14-Oct

27-Oct

29-Oct

13-Oct

9-Oct

14-Oct

15-Oct

28-Oct

30-Oct

14-Oct

12-Oct

14-Oct

16-Oct

28-Oct

2-Nov

15-Oct

 

November 11, 2020 - Veterans Day

5-Nov

9-Nov

11-Nov

23-Nov

27-Nov

10-Nov

6-Nov

10-Nov

12-Nov

24-Nov

30-Nov

11-Nov

9-Nov

12-Nov

13-Nov

27-Nov

1-Dec

12-Nov

10-Nov

13-Nov

16-Nov

30-Nov

2-Dec

13-Nov

11-Nov

13-Nov

17-Nov

30-Nov

3-Dec

16-Nov

End Notes


  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).