Securities Investor Protection Corporation Reduces Rate Effective January 1, 2017
As of August 30, 2016, the Securities and Exchange Commission approved an amendment to the Assessments Bylaw of the Securities Investor Protection Corporation, which will reduce the assessment rate from 0.25% to 0.15% effective for fiscal years beginning January 1, 2017, or thereafter. The rate reduction comes as a result of SIPC Fund reaching a cumulative balance of $2.5 billion with the expectation that it will remain above $2.5 billion for at least the next six months.
What this means for most broker dealers is that the implementation of the reduced rate will take effect on the upcoming SIPC 6 filing, based upon net operating revenue for the six months ended June 30, 2017. The SIPC 6 filing is due on July 31, 2017, immediately after the second quarter Focus Report submission deadline.
We are encouraging firms to be mindful of the update and to take advantage of the cost savings resulting from the aforementioned amendment.
Please feel free to contact us at (212) 668-8700 or at info@acisecure.com if you have any questions.
FINRA Notice 16-08
Summary
Effective February, 2016.
FINRA’s review of securities offering documents has revealed instances in which broker-dealers have not complied with the contingency offering requirements of Rules 10b-9 and 15c2-4 under the Securities Exchange Act of 1934 (SEA). FINRA is publishing this Notice to provide guidance regarding the requirements of SEA Rules 10b-9 and 15c2-4 and to remind broker-dealers of their responsibility to have procedures reasonably designed to achieve compliance with these rules.
See the attached pdf, for the full text:
FINRA_Notice_16-08.pdf
FINRA Notice 16-05
Summary
January, 2016
This Notice provides firms with information regarding a no-action letter1 issued by the staff of the Division of Trading and Markets of the Securities and Exchange Commission (the SEC staff) regarding electronic filing of the annual and supplemental reports required under SEA Rules 17a-5 and 17a-12.
See the attached pdf, for the full text: