2023 Holiday Margin Extensions Schedule
On December 16, 2022, FINRA updated this Information Notice to correct the Settlement Date and the Extension Due Dates associated with Regulation T, SEA Rule 15c3-3(m), FINRA Rule 4210(f)(6), and FINRA Rule 4210(g)(10)(D) for the December 25, 2023 – Christmas Day Holiday closing.
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 2023.
Questions regarding this Notice may be directed to Theresa Reynolds, Senior Credit Regulation Coordinator at (646) 315-8567 or 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 2023.
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 2, 2023 – New Year’s Day (Observed) |
27-Dec |
29-Dec |
3-Jan |
13-Jan |
19-Jan |
30-Dec |
|
28-Dec |
30-Dec |
4-Jan |
17-Jan |
20-Jan |
3-Jan |
|
|
29-Dec |
3-Jan |
5-Jan |
18-Jan |
23-Jan |
4-Jan |
|
|
30-Dec |
4-Jan |
6-Jan |
19-Jan |
24-Jan |
5-Jan |
|
|
January 16, 2023 – Martin Luther King, Jr. Day |
10-Jan |
12-Jan |
17-Jan |
27-Jan |
1-Feb |
13-Jan |
|
11-Jan |
13-Jan |
18-Jan |
30-Jan |
2-Feb |
17-Jan |
|
|
12-Jan |
17-Jan |
19-Jan |
31-Jan |
3-Feb |
18-Jan |
|
|
13-Jan |
18-Jan |
20-Jan |
1-Feb |
6-Feb |
19-Jan |
|
|
February 20, 2023 - Presidents’ Day |
14-Feb |
16-Feb |
21-Feb |
3-Mar |
8-Mar |
17-Feb |
|
15-Feb |
17-Feb |
22-Feb |
6-Mar |
9-Mar |
21-Feb |
|
|
16-Feb |
21-Feb |
23-Feb |
7-Mar |
10-Mar |
22-Feb |
|
|
17-Feb |
22-Feb |
24-Feb |
8-Mar |
13-Mar |
23-Feb |
|
|
April 7, 2023 – Good Friday |
3-Apr |
5-Apr |
10-Apr |
20-Apr |
25-Apr |
6-Apr |
|
4-Apr |
6-Apr |
11-Apr |
21-Apr |
26-Apr |
10-Apr |
|
|
5-Apr |
10-Apr |
12-Apr |
24-Apr |
27-Apr |
11-Apr |
|
|
6-Apr |
11-Apr |
13-Apr |
25-Apr |
28-Apr |
12-Apr |
|
|
May 29, 2023 – Memorial Day |
23-May |
25-May |
30-May |
9-Jun |
13-Jun |
26-May |
|
24-May |
26-May |
31-May |
12-Jun |
15-Jun |
30-May |
|
|
25-May |
30-May |
1-Jun |
13-Jun |
16-Jun |
31-May |
|
|
26-May |
31-May |
2-Jun |
14-Jun |
19-Jun |
1-Jun |
|
|
June 19, 2023 – Juneteenth |
13-Jun |
15-Jun |
20-Jun |
30-Jun |
6-Jul |
16-Jun |
|
14-Jun |
16-Jun |
21-Jun |
3-Jul |
7-Jul |
20-Jun |
|
|
15-Jun |
20-Jun |
22-Jun |
5-Jul |
10-Jul |
21-Jun |
|
|
16-Jun |
21-Jun |
23-Jun |
6-Jul |
11-Jul |
22-Jun |
|
|
July 4, 2023 – Independence Day |
28-Jun |
30-Jun |
5-Jul |
17-Jul |
20-Jul |
3-Jul |
|
29-Jun |
3-Jul |
6-Jul |
18-Jul |
21-Jul |
5-Jul |
|
|
30-Jun |
5-Jul |
7-Jul |
19-Jul |
24-Jul |
6-Jul |
|
|
3-Jul |
6-Jul |
10-Jul |
20-Jul |
25-Jul |
7-Jul |
|
|
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 |
|---|---|---|---|---|---|---|
|
September 4, 2023 – Labor Day |
29-Aug |
31-Aug |
5-Sep |
15-Sep |
20-Sep |
1-Sep |
|
30-Aug |
1-Sep |
6-Sep |
18-Sep |
21-Sep |
5-Sep |
|
|
31-Aug |
5-Sep |
7-Sep |
19-Sep |
22-Sep |
6-Sep |
|
|
1-Sep |
6-Sep |
8-Sep |
20-Sep |
25-Sep |
7-Sep |
|
|
November 23, 2023 –Thanksgiving Day |
17-Nov |
21-Nov |
24-Nov |
6-Dec |
11-Dec |
22-Nov |
|
20-Nov |
22-Nov |
27-Nov |
7-Dec |
12-Dec |
24-Nov |
|
|
21-Nov |
24-Nov |
28-Nov |
8-Dec |
13-Dec |
27-Nov |
|
|
22-Nov |
27-Nov |
29-Nov |
11-Dec |
14-Dec |
28-Nov |
|
|
December 25, 2023 –Christmas Day |
19-Dec |
21-Dec |
26-Dec |
8-Jan |
11-Jan |
22-Dec |
|
20-Dec |
22-Dec |
27-Dec |
9-Jan |
12-Jan |
26-Dec |
|
|
21-Dec |
26-Dec |
28-Dec |
10-Jan |
16-Jan |
27-Dec |
|
|
22-Dec |
27-Dec |
29-Dec |
11-Jan |
17-Jan |
28-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, which are considered a business day under Regulation T of the Federal Reserve Board, SEA Rule 15c3-3 and FINRA Rule 4210. However, please note Columbus Day and Veterans Day are not a settlement date because banking institutions will be closed on these 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 9, 2023 – Columbus Day |
3-Oct |
5-Oct |
9-Oct |
19-Oct |
24-Oct |
6-Oct |
|
4-Oct |
6-Oct |
10-Oct |
20-Oct |
25-Oct |
9-Oct |
|
|
5-Oct |
10-Oct |
11-Oct |
24-Oct |
26-Oct |
10-Oct |
|
|
6-Oct |
11-Oct |
13-Oct |
25-Oct |
27-Oct |
11-Oct |
|
|
9-Oct |
11-Oct |
13-Oct |
25-Oct |
30-Oct |
12-Oct |
|
|
|
||||||
|
November 10, 2023 – Veterans Day
|
6-Nov |
8-Nov |
10-Nov |
22-Nov |
28-Nov |
9-Nov |
|
7-Nov |
9-Nov |
13-Nov |
24-Nov |
29-Nov |
10-Nov |
|
|
8-Nov |
13-Nov |
14-Nov |
28-Nov |
30-Nov |
13-Nov |
|
|
9-Nov |
14-Nov |
15-Nov |
29-Nov |
1-Dec |
14-Nov |
|
|
10-Nov |
14-Nov |
16-Nov |
29-Nov |
4-Dec |
15-Nov |
|
Endnotes
1As 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
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.
2SEA 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.”
3See FINRA Rule 4210(f)(6) and (g)(10)(D). FINRA will update this Notice to provide guidance on extension request due dates under Rule 4210(e)(2)(H) upon effectiveness of the amendments to that paragraph.