Search Results for keywords:"Rule 15c3-1"

The Securities and Exchange Commission (SEC) is seeking public comments on the existing information collection under Appendix F to Rule 15c3-1 concerning OTC derivatives dealers. Appendix F allows certain derivatives dealers to use specific models for calculating their net capital charges instead of standard methods. Currently, only two dealers are authorized to use Appendix F, and the SEC estimates each will spend around 1,000 hours a year on related reporting. Comments on this collection are invited until April 7, 2025, focusing on its necessity, the SEC's burden estimates, and ways to improve the data collection process.

The Securities and Exchange Commission (SEC) is asking for public comments on the continuation of a rule under the Paperwork Reduction Act. This rule relates to how certain broker-dealers, called OTC derivatives dealers, calculate their financial risks. Currently, two such dealers use this method, spending about 1,000 hours each year reporting on their risk models. The SEC invites comments on whether the rule is useful, the burden it imposes, and ways to improve information collection.

The Securities and Exchange Commission (SEC) has extended the deadline for smaller broker-dealers to file their annual reports by 30 days, due to challenges these firms face in securing audit services within the crowded audit season following the fiscal year end. According to FINRA, this extra time will help alleviate the pressure on smaller broker-dealers, who often rely on manual processes and face limited availability of independent auditors. The extension is available to broker-dealers who meet specific conditions, such as having less than $50 million in capital and liabilities, being in compliance with certain rules, and using electronic filing to submit reports. This move aims to ensure quality in financial reporting without compromising investor protections.