Series 27: Extensions Of Time

Taken from our Series 27 Online Guide

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Extensions of Time

If a registered national securities exchange or a registered securities association is satisfied that a broker-dealer is acting in good faith in making an application for an extension of time, and if exceptional circumstances warrant, it may extend the requirement that the broker-dealer take action within a designated period of time to buy-in a security. Each exchange or association shall make and preserve for a period of not less than three years a record of each extension granted, which shall contain a summary of its justification.

SEC Rule 15c3-3(n)

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Timeline to Obtain Possession or Control of Fully Paid and Excess Margin Securities

Type of Security

Timeline

Securities pledged as loan collateral

2 business days

Securities on loan to another broker-dealer

5 business days