Final answer:
If a client fails to make payment by the fifth business day following the trade date, their account will be restricted/frozen for a certain number of days according to Regulation T. The exact number of days varies depending on the broker's policies and trade circumstances. The client won't be able to trade or access funds during this period.
Step-by-step explanation:
According to Regulation T, if a client fails to make payment for securities being purchased by the fifth business day following the trade date, and an extension has not been granted by FINRA, the client's account will be restricted/frozen for a certain number of days.
The exact number of days for which the account will be restricted depends on the individual broker's policies and the specific circumstances of the trade.
During the restricted period, the client will be unable to trade or access funds from their account until the payment is made or the account is released from the restriction.