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89-50 NASD Initiates Computerized Extension Request Service for Regulation T And SEC Rule 15c3-3; New Form Required

SUGGESTED ROUTING*

Legal & Compliance
Operations
Trading

*These are suggested departments only. Others may be appropriate for your firm.

EXECUTIVE SUMMARY

The NASD has initiated an electronic filing system for use by members in submitting Regulation T/SEC Rule 15c3-3 extension requests. Subscribers to this Automated Regulatory Reporting System (ARRS) are encouraged to submit extension requests directly through their personal computers to the NASD.

Effective September 1, 1989, all members submitting extension requests to the NASD and not utilizing the reporting system must use the new Regulation T/SEC Rule 15c3-3 Extension Request Form.

Automated Regulatory Reporting System (ARRS) Reg T/15c3-3 Service

NASD members should now take steps to subscribe to ARRS, which will permit firms to enter Reg T/SEC Rule 15c3-3 extension requests directly through their own personal computers. This service, which members are urged to use, is being offered as part of the Automated Regulatory Reporting System (ARRS) and can be accessed through a direct dial-up via Telenet, the GTE public network phone system. There are several advantages to this service, including:

  • Immediate and direct on-line notification of approval/modification/denial of most routine extension requests.
  • Weekly, monthly, and ad hoc management reports.

A brochure about the ARRS system is enclosed with this month's Notices to Members. The ARRS brochure contains additional information about the service in general, its use in facilitating other regulatory reports by members, hardware specifications, and software requirements.

If you wish to subscribe to this service, simply fill out your indication of interest on the survey portion of the ARRS brochure and return the business reply card. Instructions for accessing ARRS, along with a listing of reason codes for extension requests, are contained in a Member Firm Quick Reference Guide that will be forwarded on receipt of the business reply card.

New Combined Regulation T/SEC Rule 15c3-3 Extension Request Form

The NASD has created a new combined form for use in submitting extension requests pursuant to Regulation T and SEC Rule 15c3-3. Those firms not subscribing to ARRS, effective September 1, 1989, must use the new Regulation T/SEC Rule 15c3-3 Extension Request Form for all extension requests filed with the Association. The new form requires additional information including the account representative's Central Registration Depository (CRD) number, the account Social Security or tax identification number, and a reason code that describes the rationale for the extension request.

Step-by-step instructions for completing the new Regulation T/SEC Rule 15c3-3 Extension Request Form, along with a listing of reason codes, are contained in a Member Firm Quick Reference Guide. The new form is reproduced below.

A supply of forms and a copy of the Quick Reference Guide will be mailed to all firms currently submitting extension request forms through the NASD. Additional forms and Guides can be obtained by contacting the Automated Reports department at (800) 537-8192 or your local NASD district office.

Questions concerning this notice may be directed to Elizabeth Wollin, Associate Director, NASD Automated Reports, at (301) 590-6887.

REGULATION T AND SEC RULE I5C3-3 EXTENSION REQUEST FORM

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