Extension Reason Codes

Summary

Regulation T - (Purchases)

Reason	Reason Code	Reason	Reason Code	Reason	Reason Code
Contacting Customer	001	Check in the Mail	002	Authorization to Transfer Funds	003
Awaiting Collateral	004	Pending Receipt of Securities Sold to Offset Purchase	005	Legal Documents	006
Unacceptable Check	007	Foreign Security Sold Under Foreign Settlement	008	Customer is Ill	009
COD-DK Foreign Customer	012	COD-DK Domestic Customer	014	COD-Fail 35 days (applies to domestic & foreign)	015
Natural Disaster	016	Customer Account in Transfer	017	Death in Family	018
Awaiting Appointment of Executor	019	Exceptional Circumstance	021

Notes

SEA Rule 15c3-3 (Sales and Security Deficits)

Reason	Reason Code	Reason	Reason Code	Reason	Reason Code
Security in Transfer	040	Death of Seller	041	Can't Buy-in	042
Dividend Sold Before Payable Date	043	In Foreign Depository	044	Security Exchange or Merger	045
Postal Strike or Christmas Mail	046	Customer Account in Transfer	047	Customer hospitalized	048
Lost Certificate	049	Exceptional Circumstance	050	Natural Disaster	051
Foreign Security Sold Under Foreign Settlement	052	Security in Transfer	070	Security in Mail	071
Buy-in Issued	072	Unable to Buy-in	073	Security at Foreign Depository	074
Merger, Exchange or Reorganization	075	Mutual Fund Certificate	076	Halted Trading or Buy-in Privilege	077
Lost Certificate	078	Exceptional Circumstance	080

Notes

FINRA Rule 4210 Extension of Time

Reason	Reason Code	Reason	Reason Code	Reason	Reason Code
Mark to Market	060	Collateral Valuation	061	Non-US Holiday	062
Natural Disaster	063	Other - CAT	067	Strategy-based Deficiency	068
Portfolio Margin Deficiency	069

Notes

Details

Regulation T - (Purchases)

Reason	Contacting Customer
Reason Code	001
Reason Description	Contacting Customer to determine why payment was not yet received. Specific effort must be made to reach the customer to use this reason code.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	No
Limit Per Code	1
Code Limits Description	Final on Reason Extension of Time Request

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Reason	Check in the Mail
Reason Code	002
Reason Description	Customer was contacted and advised the member firm the check is in the mail.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	Authorization to Transfer Funds
Reason Code	003
Reason Description	Customer was contacted and advised the member firm that an authorization to transfer funds from another account is in the mail.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	Awaiting Collateral
Reason Code	004
Reason Description	Customer was contacted and advised additional collateral is in the mail.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	Pending Receipt of Securities Sold to Offset Purchase
Reason Code	005
Reason Description	Awaiting receipt of securities sold in another account to release funds sufficient to offset purchase requirement in this account.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	Legal Documents
Reason Code	006
Reason Description	Awaiting legal documents or clearance of securities sold from legal transfer.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Unacceptable Check
Reason Code	007
Reason Description	Unacceptable or improperly drawn check received from customer and returned for correction or new check.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	Foreign Security Sold Under Foreign Settlement
Reason Code	008
Reason Description	Foreign Security sold in a foreign securities market based on foreign settlement procedures. Available only for foreign securities transactions in a foreign securities market with a settlement date of three business days through and including the 34th calendar day after trade date.
When to submit first extension	For Reg T extension requests under code 008; 1. If the settlement date is less than or equal to T+3 [T+2] business days, the request shall be made on T+4 [T+3] business day, or; 2. If the settlement date is greater than or equal to T+4 [T+3] business days, the request shall be made on the earlier of one business day after the date on which settlement is required to occur by the rules of the foreign securities market or T+35 calendar days.
Maximum Days Allowed	7 Bus.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	Customer is Ill
Reason Code	009
Reason Description	Customer has been unexpectedly hospitalized or taken seriously ill and is incapable of issuing check.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	COD-DK Foreign Customer
Reason Code	012
Reason Description	Delivery DK'd by bank for no instructions. Customer's address outside the U.S or Canada. To be used when DK occurs prior to the 35th calendar day from trade date. Note, when a DK'd transaction occurs on the 35th calendar day from trade date, use code 015. Only one extension is permitted on this DK'd transaction.
When to submit first extension	• For Reg T extension requests other than New Issue Securities under codes 012, 014, or 015, the request shall be made no later than T+35 calendar days. • For Reg T extension requests on New Issue Securities under codes 012, 014, or 015, the request shall be made promptly after the securities have been made available and no later than T+35 calendar days.
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	COD-DK Domestic Customer
Reason Code	014
Reason Description	Delivery DK'd by bank for no instructions. Customer address in U.S. or Canada. To be used when DK occurs prior to the 35th calendar day from trade date. Note, when a DK'd transaction occurs on the 35th calendar day from trade date, use code 015. Only one extension is permitted on this DK'd transaction.
When to submit first extension	• For Reg T extension requests other than New Issue Securities under codes 012, 014, or 015, the request shall be made no later than T+35 calendar days. • For Reg T extension requests on New Issue Securities under codes 012, 014, or 015, the request shall be made promptly after the securities have been made available and no later than T+35 calendar days.
Maximum Days Allowed	2 Bus.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	1 [2*]
Code Limits Description	Final on Transaction [Final on Second Extension of Time Request*] See note on T+1 below.

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Reason	COD-Fail 35 days (applies to domestic & foreign)
Reason Code	015
Reason Description	Broker unable to make delivery. Securities in transfer or fail to receive, 35 day item. To be used only when applying firm is unable to make delivery against payment due to fail or similar situation and the transaction(s) involved has reached the 35th calendar day after trade date. Also, to be used when a DK'd transaction occurs on the 35th calendar day from trade date or prior to the expiration of any subsequent extension. Only one extension is permitted on this DK'd transaction.
When to submit first extension	• For Reg T extension requests other than New Issue Securities under codes 012, 014, or 015, the request shall be made no later than T+35 calendar days. • For Reg T extension requests on New Issue Securities under codes 012, 014, or 015, the request shall be made promptly after the securities have been made available and no later than T+35 calendar days.
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Natural Disaster
Reason Code	016
Reason Description	Natural Disasters, Acts of God or other abnormal conditions. (Reason may only be used when FINRA staff authorizes it and then solely for the time period and condition specified by staff.)
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firm needs FINRA approval prior to submitting such request

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Reason	Customer Account in Transfer
Reason Code	017
Reason Description	Customer account coming from another broker and FINRA Rule 11870 (Customer Account Transfer Contracts) being complied with.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Death in Family
Reason Code	018
Reason Description	Death in customer's immediate family
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Transaction

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Reason	Awaiting Appointment of Executor
Reason Code	019
Reason Description	Awaiting Appointment of executor or administrator of deceased customer's account.
When to submit first extension	• Regular way settlement on T+4 [T+3] business days or • New Issues, on SD+4 [SD+3] business days
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Exceptional Circumstance
Reason Code	021
Reason Description	Any other exceptional circumstance not covered by designated codes.
When to submit first extension	Exception code should only be used if no other code is applicable or if limit in other codes have been exhausted
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is required.

Notes:
All changes in filing time frames for T+1 will be noted as such "[ ]". For example [T+2], [T+3], [S+3], etc. as appropriate.
In the case of extensions that count towards limit, 5 for Reg T and 9 for 15c3-3(n), they are counted on a rolling 12-month period. The counting of extensions applies to an account owner without regard to the member firm filing the extension. If a request for an extension exceeds the limit for that code, it will automatically be denied.

*Due to the change in the settlement cycle, FINRA will allow a single follow-on extension for Reason Code 14 (DK) extensions starting on May 28, 2024. FINRA will continue to monitor the need for the additional extension for this Reason Code and may revert to a single extension in the future.

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SEA Rule 15c3-3 (Sales and Security Deficits)

Reason	Security in Transfer
Reason Code	040
Reason Description	Security has been placed in transfer by a bank for the customer in order to obtain certificate(s) for the amount of shares sold.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Death of Seller
Reason Code	041
Reason Description	Customer died on or after trade date. Awaiting appointment of executor or administrator of deceased customer's account.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Can't Buy-in
Reason Code	042
Reason Description	Broker failed in attempt to buy-in because security is in short supply. Broker has an open order to buy-in and trying to complete transaction. Requires that an open order be maintained until the buy-in of the position is accomplished or otherwise resolved.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	5
Code Limits Description	Final on Fifth Extension of Time Request

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Reason	Dividend Sold Before Payable Date
Reason Code	043
Reason Description	Security Dividend Sold Before Payable Date or short position created in customer account due to dividend received directly upon which broker has a claim. Request should be made on the (10) business day after settlement date, as the payable date is deemed to be trade date. If a dividend claim is processed against an account after payable date, then the date the charge is made to the account will be trade date and an extension request, if necessary, would be due (10) business days after settlement date.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second

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Reason	In Foreign Depository
Reason Code	044
Reason Description	Security is held in a foreign depository where settlement procedures or delivery terms are incompatible with the rule.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Security Exchange or Merger
Reason Code	045
Reason Description	Security is in for exchange as a result of merger, consolidation, transfer of assets, exchange offer, recapitalization or other similar transaction or conversion. Reason established to cover situations where an exchange of securities or similar event is being undertaken by customer or delivering agent to accomplish receipt of the security sold.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Postal Strike or Christmas Mail
Reason Code	046
Reason Description	Certificate delayed in mail during Christmas season or due to a postal strike.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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Reason	Customer Account in Transfer
Reason Code	047
Reason Description	Customer account coming from another broker and FINRA Rule 11870 (Customer Account Transfer Contracts) being complied with.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Customer hospitalized
Reason Code	048
Reason Description	Customer has been unexpectedly hospitalized or taken seriously ill and is incapable of delivering security. (Illness or hospitalization of customer should be of a nature that makes it impossible for client to deliver security. Condition must occur after the transaction was made. If condition existed prior to trade date, then reason may not be used.)
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Yes
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Lost Certificate
Reason Code	049
Reason Description	Broker lost and is replacing, or customer lost and has already commenced proceedings for replacement. If customer lost, broker must obtain proof customer is replacing by obtaining copy of any required bond or other appropriate proof.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	30 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	5
Code Limits Description	Final on Fifth Extension of Time Request

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Reason	Exceptional Circumstance
Reason Code	050
Reason Description	Any other exceptional circumstances not covered by designated codes.
When to submit first extension	Exception code should only be used if no other code is applicable or if limit in other codes have been exhausted
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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Reason	Natural Disaster
Reason Code	051
Reason Description	Natural Disasters, Acts of God, or other abnormal conditions. (Reason may only be used when FINRA staff authorizes it and then solely for the time period and condition specified by staff.)
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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Reason	Foreign Security Sold Under Foreign Settlement
Reason Code	052
Reason Description	Foreign Security sold in a foreign securities market based on foreign settlement procedures. Available only for sale of foreign securities in a foreign market and the security has not been received within (10) business days after settlement date as established by the foreign market.
When to submit first extension	On the 10th business day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Security in Transfer
Reason Code	070
Reason Description	Security already in Transfer by the delivering party.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Security in Mail
Reason Code	071
Reason Description	Security already in mail from the delivering party.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	Yes
Limit Per Code	1
Code Limits Description	Final on Reason

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Reason	Buy-in Issued
Reason Code	072
Reason Description	Buy-in notice has been issued, but additional time needed before execution of the buy-in.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Unable to Buy-in
Reason Code	073
Reason Description	Buy-in notice issued but unable to buy-in due to no market or security in short supply.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date (d)(4) — by the close of business on the second business day after the 30th calendar day of the paragraph (d)(4) deficit.
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Security at Foreign Depository
Reason Code	074
Reason Description	Security held at foreign depository and delivering party has already advised foreign depository to transfer or issue certificate to you.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Merger, Exchange or Reorganization
Reason Code	075
Reason Description	Security involved in merger, exchange or reorganization and the issuer has not completed re-registration to delivering party.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Mutual Fund Certificate
Reason Code	076
Reason Description	Security is a mutual fund and issuer has not issued certificate to delivering party.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Halted Trading or Buy-in Privilege
Reason Code	077
Reason Description	A self-regulatory organization has halted trading in the security or prohibited the execution of buy-in notices.
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date (d)(4) — by the close of business on the second business day after the 30th calendar day of the paragraph (d)(4) deficit.
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	No
Limit Per Code	5
Code Limits Description	Final on Fifth Extension of Time Request

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Reason	Lost Certificate
Reason Code	078
Reason Description	Delivering party has filed the necessary documents with the issuer to replace a lost certificate
When to submit first extension	(d)(2) — on 30th calendar day after settlement date (d)(3) — on 45th calendar day after settlement date (h) — on 45th calendar day after settlement date
Maximum Days Allowed	30 Cal.
Count Toward 5 Limit	Firm to Firm
Final on Transaction	No
Limit Per Code	5
Code Limits Description	Final on Fifth Extension of Time Request

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Reason	Exceptional Circumstance
Reason Code	080
Reason Description	Any other exceptional circumstances not covered by designated codes. (Use of this code requires prior approval.)
When to submit first extension	Exception code should only be used if no other code is applicable or if limit in other codes have been exhausted
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is also required. Generally FINRA will not accept code 80 extension for Municipal Securities or Certificates of Deposits.

Notes:
In the case of extensions that count towards limit, 5 for Reg T and 9 for 15c3-3(n), they are counted on a rolling 12-month period. The counting of extensions applies to an account owner without regard to the member firm filing the extension. If a request for an extension exceeds the limit for that code, it will automatically be denied.
FINRA will not grant any exceptional reason code extensions for 15c3-3 (d)(4) when a firm has a deficit in a Municipal Security or Certificate of Deposit (CD)

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FINRA Rule 4210 Extension of Time

Reason	Mark to Market
Reason Code	060
Reason Description	Mark to Market Disputes on Covered Agency Transactions
When to submit first extension	The request must be made on the date the mark to market loss or deficiency, as applicable, occurs + 5 business days.
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Collateral Valuation
Reason Code	061
Reason Description	Collateral Valuation Disputes on Covered Agency Transactions
When to submit first extension	The request must be made on the date the mark to market loss or deficiency, as applicable, occurs + 5 business days.
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Non-US Holiday
Reason Code	062
Reason Description	Non-US Holiday on Covered Agency Transactions
When to submit first extension	The request must be made on the date the mark to market loss or deficiency, as applicable, occurs + 5 business days.
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	No
Final on Transaction	Yes
Limit Per Code	2
Code Limits Description	Final on Second Extension of Time Request

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Reason	Natural Disaster
Reason Code	063
Reason Description	Natural Disasters, Acts of God, or other abnormal conditions. (Reason may only be used when FINRA staff authorizes it and then solely for the time period and condition specified by staff.)
When to submit first extension	The request must be made on the date the mark to market loss or deficiency, as applicable, occurs + 5 business days.
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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Reason	Other - CAT
Reason Code	067
Reason Description	Covered Agency Transaction (FINRA Rule 4210(e)(2)(H)(ii)d & FINRA Rule 4210(e)(2)(H)(ii)e.)
When to submit first extension	The request must be made on the date the mark to market loss or deficiency, as applicable, occurs + 5 business days.
Maximum Days Allowed	14 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	2
Code Limits Description	Third extension of time requests requires additional facts and circumstances explaining the reason for the request prior to FINRA Approval

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Reason	Strategy-based Deficiency
Reason Code	068
Reason Description	Maintenance Margin Deficiency under Interpretation /02 to FINRA Rule 4210(f)(6)
When to submit first extension	The request must be made on the date the margin or mark to market deficiency, as applicable, occurs + 15 business days.
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

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Reason	Portfolio Margin Deficiency
Reason Code	069
Reason Description	Maintenance Margin Deficiency under FINRA Rule 4210(g)(10)(D)
When to submit first extension	The request must be made on the date the portfolio margin deficiency occurs + 3 business days.
Maximum Days Allowed	7 Cal.
Count Toward 5 Limit	No
Final on Transaction	No
Limit Per Code	None
Code Limits Description	Member Firms need FINRA approval prior to submitting such request, detailed commentary is also required.

Notes:
If the Final on Deficiency is "Yes" then the counterparty is limited to the number of extensions shown in the "Limit Per Code" column and additional filings with a different reason code is not permitted.

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Extension Reason Codes

On This Page

Summary

Regulation T - (Purchases)

SEA Rule 15c3-3 (Sales and Security Deficits)

FINRA Rule 4210 Extension of Time

Details

Regulation T - (Purchases)

SEA Rule 15c3-3 (Sales and Security Deficits)

FINRA Rule 4210 Extension of Time