How to Use the REX System

This page contains technical information about filing Regulation T, SEC Rule 15c3-3, and FINRA Rule 4210-related extension requests using the REX system. See Regulatory Notice 18-30 for information about the Enhancements to the REX System and Updates to Data and Other Requirements Applicable to Requests for Extensions of Time Under Regulation T and SEA Rule 15c3-3 that become effective on May 31, 2020.

Note: The implementation date of the margin requirements for Covered Agency Transactions pursuant to SR-FINRA-2015-036 has been extended to March 25, 2021. See SR-FINRA-2019-026 for more information.

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Test Phases – Reg T, SEA Rule 15c3-3 and FINRA Rule 4230(b): Customer Test Environment (CTE)

To assist firms in preparing for the update, FINRA has created a REX CTE that firms may use to test extension of time requests using the online form or the batch process. FINRA encourages firms to begin testing as soon as possible, to ensure their readiness to file extension of time requests when the updated REX system is implemented on May 31, 2020. The testing phase is summarized below.

During the testing phase, firms must use their current FINRA Gateway user ID and password to log into the FINRA Gateway CTE. Firms that encounter technical problems, or that need to request a FINRA user ID and password, may contact the FINRA Support Center at (800) 321-6273.

Effective May 31, 2020, firms will be required to submit only the last four digits of a customer’s Social Security or tax identification number when requesting extensions of time under Rule 4230(a). Also effective May 31, 2020, FINRA is updating certain validation identifiers and validation criteria that will affect the Reg T extension request timeframes (see Appendix A of Regulatory Notice 18-30). The testing cycle will begin on December 9, 2019. FINRA reminds firms of the following: 

  • Firms may submit extension of time requests related to Regulation T and SEA Rule 15c3-3 via both the FINRA CTE Gateway online request form and the batch process.

  • During this testing cycle, firms must submit the last four digits of a customer’s social security number or tax ID for Reg T and SEA Rule 15c3-3 extension of time requests. During this testing timeframe, the new validation identifiers and validation criterial will be in effect.
Extension Type Current Validation Identifier Current REX Message New Validation Identifier Beginning May 31, 2020 Update REX Denial Message - Beginning May 31, 2020

Reg T

BR3530

For Reg T extension requests on New Issue Securities filed under code 008, the request shall be made between S+6 business days and S+34 calendar days

BR3530

For Reg T extension requests under code 008, 1. If the settlement date is less than or equal to T+3 business days, the request shall be made on T+4 business day, or 2. If the settlement date is greater than or equal to T+4 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.

Reg T

BR3560

For Reg T requests other than New Issue Securities filed under code 008, the request shall be made between T+6 business days and T+34 calendar days

BR3560

Reg T

BR3520

For Reg T extensions requests on New Issue Securities filed under code 012 or 014, the request shall be made between S+4 business days and S+35 calendar days

BR3520

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.

Reg T

BR3540

For Reg T extensions requests on New Issue Securities filed under code 015, the request shall be made between S+4 business days and S+35 calendar days

Reg T

BR3620

For Reg T requests other than New Issue Securities filed under codes 012 or 014, the request shall be made between T+4 business days and T+34 calendar days

BR3620

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.

Reg T

BR3615

For Reg T extension requests other than New Issue Securities filed under code 015, the request shall be made between T+4 business days and T+35 calendar days
  • Batch files must use the updated schema. See section REX System Data Dictionary and Schema Documentation
  • Batch submissions should follow the below:
    • The batch submission process is outline in the Secured File Transfer Protocol (SFTP) Interface for Data Intake. FINRA is reminding firms of the new centralized, secured file transfer platform (SFTP) called fileX. Firms will need to whitelist the new FINRA fileX IPs to successfully connect with the FINRA servers and update scripts or configurations that drive the existing SFTP transfers in order to transfer files using fileX. The required actions to transfer files using fileX are outlined in the Regulatory Extension (REX) System File Transfer Service Migration to fileX notification.
    • Firms that transmit test files vis SFTP will be required to send files to their current SFTP test server into the rex/in subdirectory
    • During testing and post implementation, the batch file submission for Regulation T and SEA Rule 15c3-3 extension of time requests must be made through a file uploaded via FTP or SFTP to the subdirectory rex/in. 
    • When a firm elects to use the REX batch file format, the firm receives an enhanced XML results report via FTP or SFTP (depending on how the batch file was submitted). The results report is an XML-formatted file that contains all of the information regarding all extension of time requests the firm submitted, including extension requests submitted via the online request form. The report will be available the business day after the request(s) was submitted.
    • For testing purposes, the reports will be available the next business day after the request(s) was submitted, on the same test server in the firm’s /rex/out
    • The finalized report, which is available, as part of the batch result report and through the FINRA Gateway has changed due to limiting the extension of time submission to only the last four digits of a customer’s Social Security or Tax Identification Number. To assist firms the fields: Customer Firm CRD, Submitter Reference ID, Domestic Customer Account Number, BatchSubmitterCRD have been added to the batch finalized report.

Holiday Calendar

View important dates:

 

Monthly Report under FINRA Rule 4230(b) – REX Monthly Report

General Information

  • The form is systematically generated, and provided to the firm in the Gateway under Forms and Filings.
  • The form will only be provided if the firm filed an extension on behalf of a correspondent
  • The form is due to FINRA within five business days following the end of each reporting month.  

 

REX System Data Dictionary and Schema Documentation

This 

  contains a description of the data elements used in the FINRA REX system.

Batch Submission Schema Files

These files provide details about the new REX batch XML file format. The two files below should be used together. (For convenience, the REGTSubmitterBatch.xsd file includes the REGTFilingInclude.xsd file.)

Sample XML Submission Files

Batch Results Report Schema Files

These files provide details about the new REX results file format. The two files below should be used together. (For convenience, the REGTResultsReport.xsd file includes the REGTFilingInclude.xsd file.)

Contact Information