[ by Howard Haykin ]

2013 Holiday Trade Date, Settlement Date and Margin Extensions Schedule.   FINRA published the 2013 schedule - applicable to trade dates, settlement dates and margin extensions for each federal holiday, whether or not observed by FINRA and the Securities Exchanges - to assist member firms and to reduce the number of Federal Reserve Board Regulation T and Securities Exchange Act Regulation 15c3-3 extensions denied around holidays.  “Regular way” transactions made on the business days noted below will be subject to the schedule noted below.

Background.   Brokers, dealers and municipal securities dealers should use the following settlement dates for purposes of clearing and settling transactions pursuant to the securities exchanges.  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 5 business days 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.

The date by which firms must take such action is shown below in the column titled “Regulation T Date.”

Similarly, SEA Regulation 15c3-3 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. The date by which firms must take such action is shown below in the column titled “SEC Extension Date.”

All SEA Rule 15c3-3 extension requests must be received on the due dates listed below. Adherence to this procedure willSEA   

     Rule 15c3-3
   Subparagraph.                                       Date Due

(d)(2)                           on the 30th calendar day after settlement date                         
(d)(3)                           on the 45th calendar day after settlement date
(h)                               on the 45th calendar day after settlement date
(m)                              on the 10th business day after settlement dateT

These dates also apply to a security listed 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.

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Holiday Dates.   Next year, the holidays fall on the following days and dates: 
See each date for the respective Settlement, Reg T and SEC Extension dates.

New Year’s Day:         Securities exchanges closed Tuesday, January 1, 2013.
Martin Luther King, Jr. Day:  Securities exchanges closed Monday, January 21, 2013.
Presidents’ Day.        Securities exchanges closed Monday, February 18, 2013.
Good Friday:              Securities exchanges closed on Friday, March 29, 2013,
Memorial Day:           Securities exchanges closed Monday, May 27, 2013.
Independence Day:  Securities exchanges closed Thursday, July 4, 2013.
Labor Day:                  Securities exchanges closed Monday, September 2, 2013
Columbus Day: *       Securities exchanges open for trading, Monday, October 14, 2013. 
Veteran’s Day:  *       Securities exchanges open for trading, Monday, November 11, 2013.
Thanksgiving Day:   Securities exchanges closed Thursday, November 28, 2013.
Christmas Day:         Securities exchanges closed Wednesday, December 25, 2013.

*   2013. Therefore, it is considered a business day for receiving customers’ payments under Regulation T of the Federal Reserve Board. However, it will not be a settlement date because many of the nation’s banking institutions will be closed.

FINRA Staff Contacts.   Direct questions to:  Debra German, Sr. Credit Regulation Coordinator - Risk Oversight & Operational Regulation (ROOR) - (646) 315-8467;  Theresa Reynolds, Credit Regulation Coordinator - ROOR - (646) 315-8567; or Vincent Rotolo, Sr Credit Specialist - ROOR - (646) 315-8576.

For complete details, go to:   [ FINRA InfoNote, 12/10/12 ].