SEC And FINRA Offer Grace Periods To Firms Affected By Storm

Tuesday, October 30, 2012 21:12
SEC And FINRA Offer Grace Periods To Firms Affected By Storm

Tags: FINRA | sec | trade

The SEC and FINRA are offering grace periods for making filings and settling trades for firms that have been affected by Hurricane Sandy.


Trade settlement extensions are being offered on a case-by-case basis and only for those who cannot make payments as a result of the storm.

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Clearing firms are also being allowed to make computations based on balances from last Friday.
No computations are due before the end of the month. The extensions are only offered to firms that lack adequate personnel and are unable to access systems necessary to make the computations.
The SEC’s EDGAR system for securities filings is functioning normally but the SEC realizes that some firms may be unable to submit their filings by the required date.
The SEC also said that firms needing to close out short positions due to failure to deliver securities could do so when the markets reopen.
SEC offices in Washington, DC, New York, and Philadelphia were closed on Tuesday. FINRA offices in Washington, DC, Maryland, New York City, Long Island, Woodbridge, NJ, Philadelphia, and Boston were also closed on Tuesday.

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