Series 27: Extensions Of Time

Taken from our Series 27 Online Guide

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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Last August 2020 I passed the Series 28 on the first try using your materials. I just wanted to drop in and let you know I passed the Series 27 exam today!! I am so happy today as I took the test in Jan of this year and missed it by 3 points. I switched up my focus and really zoned in the most heavily weighted chapters. This is by far the hardest exam I have taken. Thank you Solomon for your excellent study materials. I'll be back when I pass the next one ;)

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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