Circumstances for G-FINW to Become Effective in Less Than 60 Days

B

The term "G-FINW" stands for "Government Securities Dealer - Financial Institution Withdrawal." A G-FINW is a type of withdrawal made by a financial institution that is registered as a government securities dealer with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

In general, a G-FINW becomes effective 60 days after the financial institution submits the request to withdraw its registration as a government securities dealer. However, there are some circumstances under which a G-FINW may become effective in less than 60 days:

A. If the bank requests a shorter time period: The financial institution may request that the G-FINW become effective in less than 60 days. If the SEC and FINRA approve the request, the G-FINW will become effective on the date requested by the financial institution.

B. If the regulatory agency determines that a shorter time period would be appropriate: The SEC and FINRA may determine that a shorter time period would be appropriate in certain circumstances, such as if the financial institution is no longer able to meet the requirements for registration as a government securities dealer. In this case, the SEC and FINRA may allow the G-FINW to become effective in less than 60 days.

C. If the bank ceases doing business as a securities dealer: If the financial institution ceases doing business as a government securities dealer, it may request that the G-FINW become effective immediately. In this case, the SEC and FINRA may approve the request and the G-FINW will become effective immediately.

D. If the bank has no employees that qualify as associated persons: If the financial institution no longer has any employees who qualify as associated persons (as defined by FINRA), it may request that the G-FINW become effective immediately. In this case, the SEC and FINRA may approve the request and the G-FINW will become effective immediately.

In summary, a G-FINW typically becomes effective 60 days after the financial institution submits the request to withdraw its registration as a government securities dealer. However, there are certain circumstances under which the G-FINW may become effective in less than 60 days, such as if the financial institution requests a shorter time period, if the regulatory agency determines that a shorter time period would be appropriate, if the financial institution ceases doing business as a government securities dealer, or if the financial institution no longer has any employees who qualify as associated persons.