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Mar 1 2007 - Dec 1 2010Dec 2 2010 onwards

3160. Extensions of Time Under Regulation T and SEC Rule 15c3-3

This rule is no longer applicable. NASD Rule 3160 has been superseded by FINRA Rule 4230. Please consult the appropriate FINRA Rule.

(a) When NASD is the designated examining authority pursuant to SEC Rule 17d-1 for a member that is a clearing firm, such member must submit requests for extensions of time as contemplated by Sections 220.4(c) and 220.8(d) of Regulation T of the Federal Reserve Board and SEC Rule 15c3-3(n) to NASD for approval, in such format as NASD may require.
(b) Each member that is a clearing firm for which NASD is the designated examining authority is required to file a monthly report with NASD in such format as NASD may require, indicating all broker-dealers for which it clears that have overall ratios of requests for extensions of time as contemplated by Sections 220.4(c) and 220.8(d) of Regulation T of the Federal Reserve Board and SEC Rule 15c3-3(m) to total transactions for the month that exceed a percentage specified by NASD. The report is due to NASD within five (5) business days following the end of each reporting month.
Adopted by SR-NASD-2006-064 eff. March 1, 2007.

Selected Notice: 06-62.

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