SEC Alert! SEC proposes (OPEN for comment) to continue collecting information for โRule 15c3-1โ, which requires brokers-dealers to have at all times sufficient liquid assets to meet their current liabilities, particularly the claims of customers.
https://public-inspection.federalregister.gov/2023-06628.pdf
Requires brokers-dealers to have at all times sufficient liquid assets to meet their current liabilities, particularly the claims of customers. The rule facilitates the monitoring of the financial condition of broker-dealers by the Commission and the various self-regulatory organizations.
- It is estimated that broker-dealer respondents registered with the Commission and subject to the collection of information requirements of Rule 15c3-1 incur an aggregate annual time burden of approximately 70,137 hours to comply with this rule and an aggregate annual cost burden of approximately $135,167.
- Broker-dealers must have at all times (including intraday) sufficient net capital to meet the haircut requirements of the Capital Rule before taking on any new proprietary positions, even if the intention of the firm is to liquidate or cover the positions before the end of the same day.
- Broker-dealers are expected to be able to demonstrate moment to moment compliance with the Capital Rule.
- Rule 15c3-1 does not contain record retention requirements.
- Compliance is Mandatory
- The required records are available only to the examination staff of the Commission and the self-regulatory organization of which the broker-dealer is a member.
Comments
30 days from 3/30/2023
e-mail: [email protected] subject: [SEC File No. 270-197, OMB Control No. 3235-0200]
