[Federal Register Volume 66, Number 189 (Friday, September 28, 2001)]
[Notices]
[Pages 49727-49728]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-24329]


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SECURITIES AND EXCHANGE COMMISSION

[REL. NO. 44839/September 24, 2001]


Securities Exchange Act of 1934; Order Regarding Government 
Securities Reconciliations

    Section 36 of the Securities Exchange Act of 1934 ( ``Exchange 
Act'' ) authorizes the Commission, by rule, regulation, or order, to 
conditionally or unconditionally exempt any person, security, or 
transaction, or any class or classes of persons, securities, or 
transactions, from any provision or provisions of the Exchange Act or 
any rule or regulation thereunder, to the extent that such exemption is 
necessary or appropriate in the public interest, and is consistent with 
the protection of investors. In light of the events of September 11, 
2001, and to facilitate the orderly reconciliation of transactions in 
government securities, the Commission has determined to provide broker-
dealers with certain relief under Exchange Act Rules 15c3-1 and 15c3-3. 
Accordingly,
    It is Ordered, pursuant to Section 36 of the Exchange Act, that,
    Broker-dealers need not consider the 17th, 18th, 19th, 20th and 
21st of September 2001, as business or calendar days for purposes of 
taking deductions when computing net capital under Rule 15c3-1 or for 
purposes of determining the amount of cash and/or qualified securities 
required to be maintained in a ``Special Reserve Bank for the Exclusive 
Benefit of Customers'' in accordance with the formula set forth in 
Exhibit A to Rule 15c3-3 arising from aged fail transactions in 
government securities and unresolved reconciliation differences with 
accounts or clearing corporations or depositories involving government 
securities.
    It is Further Ordered, That
    Broker-dealers subject to paragraph (e) of Rule 15c3-3 that must 
maintain with a bank a ``Special Reserve Bank Account for the Exclusive 
Benefit of Customers'' and perform the computation specified in 
paragraph (e)(1) of Rule 15c3-3 as of Friday, September 21, 2001, need 
not deposit until 1:00 pm on Tuesday, September 25, 2001, the amount of 
cash and/or qualified securities required to be maintained in such an 
account, rather than one hour after the opening of banking business on 
that day.

    By the Commission.
Jonathan G. Katz,
Secretary.
[FR Doc. 01-24329 Filed 9-27-01; 8:45 am]
BILLING CODE 8010-01-M