Aggregated News From Investment Management Regulators

2021 Holiday Margin Extensions Schedule

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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 2021.

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 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 2021.

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, 2021 – New Year’s Day 28-Dec 30-Dec 4-Jan 14-Jan 20-Jan 31-Dec
29-Dec 31-Dec 5-Jan 15-Jan 21-Jan 4-Jan
31-Dec 5-Jan 7-Jan 20-Jan 25-Jan 6-Jan
4-Jan 6-Jan 8-Jan 21-Jan 26-Jan 7-Jan
January 18, 2021 – Martin Luther King, Jr. Day 12-Jan 14-Jan 19-Jan 29-Jan 3-Feb 15-Jan
13-Jan 15-Jan 20-Jan 1-Feb 4-Feb 19-Jan
14-Jan 19-Jan 21-Jan 2-Feb 5-Feb 20-Jan
15-Jan 20-Jan 22-Jan 3-Feb 8-Feb 21-Jan
February 15, 2021 – Presidents’ Day 9-Feb 11-Feb 16-Feb 26-Feb 3-Mar 12-Feb
10-Feb 12-Feb 17-Feb 1-Mar 4-Mar 16-Feb
11-Feb 16-Feb 18-Feb 2-Mar 5-Mar 17-Feb
12-Feb 17-Feb 19-Feb 3-Mar 8-Mar 18-Feb
April 2, 2021 –Good Friday 29-Mar 31-Mar 5-Mar 15-Mar 20-Mar 1-Apr
30-Mar 1-Apr 6-Apr 16-Apr 21-Apr 5-Apr
31-Mar 5-Apr 7-Apr 19-Apr 22-Apr 6-Apr
1-Apr 6-Apr 8-Apr 20-Apr 23-Apr 7-Apr
May 31, 2021 – Memorial Day 25-May 27-May 1-Jun 9-Jun 16-Jun 28-May
26-May 28-May 2-Jun 14-Jun 17-Jun 1-Jun
27-May 1-Jun 3-Jun 15-Jun 18-Jun 2-Jun
28-May 2-Jun 4-Jun 10-Jun 21-Jun 3-Jun
July 5, 2021 – Independence Day 29-Jun 1-Jul 6-Jul 16-Jul 21-Jul 2-Jul
30-Jun 2-Jul 7-Jul 19-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 26-Jul 8-Jul
September 6, 2021 – Labor Day 31-Aug 2-Sep 7-Sep 17-Sep 22-Sep  3-Sep
1-Sep 3-Sep 8-Sep 20-Sep 23-Sep 7-Sep
2-Sep 7-Sep 9-Sep 21-Sep 24-Sep 8-Sep
3-Sep 8-Sep 10-Sep 22-Sep 27-Sep 9-Sep
November 25, 2021 –Thanksgiving 19-Nov 23-Nov 26-Nov 8-Dec 13-Dec 24-Nov
22-Nov 24-Nov 29-Nov 9-Dec 14-Dec 26-Nov
23-Nov 26-Nov 30-Nov 10-Dec 15-Dec 29-Nov
24-Nov 29-Nov 1-Dec 13-Dec 16-Dec 30-Nov
December 24, 2021 – Christmas 20-Dec 22-Dec 27-Dec 6-Jan-22 11-Jan-22 23-Dec
21-Dec 23-Dec 28-Dec 7-Jan-22 12-Jan-21 27-Dec
22-Dec 27-Dec 29-Dec 10-Jan-22 13-Jan-22 28-Dec
23-Dec 28-Dec 30-Dec 11-Jan-22 14-Jan-21 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 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 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 11, 2021 – Columbus Day 5-Oct 7-Oct 11-Oct 21-Oct 26-Oct 8-Oct
6-Oct 8-Oct 12-Oct 22-Oct 27-Oct 11-Oct
7-Oct 12-Oct 13-Oct 26-Oct 28-Oct 12-Oct
8-Oct 13-Oct 14-Oct 27-Oct 29-Oct 13-Oct
11-Oct 13-Oct 15-Oct 27-Oct 1-Nov 14-Oct
November 11, 2021 – Veterans Day 5-Nov 9-Nov 11-Nov 23-Nov 29-Nov 10-Nov
8-Nov 10-Nov 12-Nov 24-Nov 30-Nov 11-Nov
9-Nov 12-Nov 15-Nov 29-Nov 1-Dec 12-Nov
10-Nov 15-Nov 16-Nov 30-Nov 2-Dec 15-Nov
11-Nov 15-Nov 17-Nov 30-Nov 3-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).

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Regulator Information

Abbreviation: FINRA
Jurisdiction: United States

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