On February 14, the Financial Industry Regulatory Authority (FINRA) published a Regulatory Notice stating that it is updating the Regulatory Extension (REX) system to include increased functionality that will assist FINRA member firms in requesting extensions of time related to FINRA Rule 4210. This will include requests for extensions of time in connection with the margin requirements for Covered Agency Transactions that will become effective on June 25.

Beginning on June 25, member firms may submit requests for an extension of time pursuant to FINRA Rule 4210 by (1) completing an online form through the FINRA Firm Gateway, or (2) submitting a batch file by logging into the REX system. To support member firms in preparing for the update, FINRA has created a REX Customer Test Environment that member firms may use to test extension of time requests. FINRA is dividing testing into two phases and reminds firms to begin testing as soon as possible to ensure that they are ready to file extension of time requests when the updated REX system is implemented.

A copy of the Notice is available here.