Search Results for keywords:"broker-dealers"

The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget (OMB) to extend an existing requirement for record-keeping under Rule 303 of Regulation ATS, which governs alternative trading systems (ATSs). Regulation ATS requires ATSs that register as broker-dealers to maintain certain records to ensure regulatory compliance. These records help regulatory bodies monitor ATSs and promote fair and orderly markets. The SEC estimates that ATSs will spend an average of 1,607 hours annually maintaining these records. The public can comment on this request by emailing or visiting a provided website by March 3, 2025.

The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget to extend an existing collection of information under Rule 15c2-12, which involves municipal securities disclosure. This rule requires certain actions from underwriters, like obtaining important financial statements from municipal securities issuers before making transactions, and ensuring that issuers provide ongoing financial information to the Municipal Securities Rulemaking Board. The SEC estimates that it will take hundreds of thousands of hours per year for issuers, broker-dealers, and the MSRB to comply with the rule and that compliance will cost millions of dollars over the next three years. The public can view and comment on this request by early March 2025.

The Securities and Exchange Commission issued a notice about a proposed rule change by MIAX PEARL, LLC, which plans to amend Exchange Rule 200. This change will allow more broker-dealers to become Trading Permit holders by requiring membership in any national securities exchange rather than just options exchanges. The rule change aims to align MIAX PEARL's membership requirements with those of other exchanges, making it easier for broker-dealers to join while maintaining regulatory standards. The proposal has been made effective immediately to expand broker-dealer eligibility without delay, although the Commission reserves the right to suspend the change within 60 days if necessary.

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.

In an order by the Securities and Exchange Commission (SEC), exemptive relief is granted from certain reporting requirements related to the Consolidated Audit Trail (CAT). This ruling allows national securities exchanges and associations to stop collecting sensitive personal information like names, addresses, and years of birth from customers using transformed Social Security Numbers (SSNs) or Tax Identification Numbers (ITINs). Instead, the focus is on using a system that uniquely identifies customers without storing sensitive data, aiming to balance regulatory needs and personal data security. Broker-dealers will still manage and transform these identifiers, while regulators can request specific information directly when needed.

The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) to extend approval for collecting information under Rule 15c1-5. This rule requires broker-dealers with control relationships to their issuers to notify customers in writing when selling or buying securities. The SEC estimates that around 181 broker-dealers must comply annually, spending a total of about 1,810 hours. People interested in commenting on this information collection can do so within 30 days on the reginfo.gov website.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget (OMB) for the ongoing collection of information under Rule 15c1-7, a provision of the Securities Exchange Act. This rule requires broker-dealers to keep records of transactions made with discretion over customer accounts to avoid fraudulent or deceptive practices. The SEC estimates the rule affects 362 broker-dealers, totaling around 400,000 transactions annually, with each record taking about five minutes to complete. Public comments on this request can be submitted through the website reginfo.gov or via email.

The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget (OMB) to extend the collection of information required under Rule 15c3-4. This rule demands that certain broker-dealers and security-based swap dealers create and maintain a system of internal risk management controls. It is estimated that currently 17 firms must comply with this rule, with an additional 6 firms expected to join in the next three years, resulting in an annual burden of approximately 8,600 hours. The SEC is also inviting public comments on this information collection until January 21, 2025.

The Securities and Exchange Commission (SEC) has requested the Office of Management and Budget (OMB) to approve an extension of the existing data collection required under Rule 15c2-8. This rule mandates that broker-dealers deliver prospectuses to certain individuals during securities offerings, including initial public offerings (IPOs), with a specific "48-hour rule" for IPOs. Broker-dealers must also maintain accurate records to identify those requesting prospectuses. The SEC estimates significant time and cost burdens for compliance, and a 30-day public comment period for this request is open until January 2, 2025.

The Securities and Exchange Commission (SEC) is asking for public comments regarding the information collection involved in Rule 13h-1 and Form 13H, which concern the registration of large traders. These are rules that help the SEC gather data about traders who engage in substantial trading activities. The rules require large traders to identify themselves and provide certain information to the SEC, and also require specific broker-dealers to maintain and report transaction records related to these traders. The SEC estimates that complying with these requirements will take about 185,200 hours each year. The public can provide feedback on the necessity and effectiveness of this information collection, aiming to minimize the burden of the process.