4230. Required Submissions for Requests for Extensions of Time Under Regulation T and SEA Rule 15c3-3
(a) When FINRA is the designated examining authority pursuant to SEA Rule 17d-1 for a member that is a clearing firm, such member must submit requests for extensions of time as contemplated by Sections 220.4(c) and 220.8(d) of Regulation T of the Board of Governors of the Federal Reserve System ("Regulation T") and SEA Rule 15c3-3(n) to FINRA for approval, in such format as FINRA may require.
(b) Each member that is a clearing firm for which FINRA is the designated examining authority is required to file a monthly report with FINRA in such format as FINRA may require, indicating all broker-dealers for which it clears that have overall ratios of requests for extensions of time as contemplated by Sections 220.4(c) and 220.8(d) of Regulation T and SEA Rule 15c3-3(n) to total transactions for the month that exceed a percentage specified by FINRA. The report is due to FINRA within five business days following the end of each reporting month. For months when no broker-dealer for which it clears exceeds the criteria, the clearing firm must submit a report indicating such.
Amended by SR-FINRA-2010-024 eff. Dec. 2, 2010.
Adopted by SR-NASD-2006-064 eff. March 1, 2007.
Selected Notices: 06-62, 10-45.
- Information Notice – 12/9/19December 09, 2019
- Regulatory Notice 18-39December 03, 2018
- Regulatory Notice 18-30September 13, 2018
- Regulatory Notice 10-45October 04, 2010