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Here is some good info from the SEC website that might help answer some questions. You might want to dig in a little deeper into “Rule 204 – Close-out Requirements”. In here, it talks about Rule 203(b)(3) which is what you might be referring to. Also, keep in mind close outs for short and long positions follow slightly different time schedules.
The faq section is also really good. Check out #5.
Basically Rule 204 lays out the rules of the game and Rule 203(b)(3) lays out the action taken if the rules aren’t followed.