Amendments to Financial Responsibility Rules for Broker-Dealers Impact Net Capital

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On July 31, 2013, the Securities and Exchange Commission (SEC) announced amendments to Financial Responsibility Rules for Broker-Dealers (Release No. 34-70072; File No. S7-08-07). The rule amendments become effective October 21, 2013 and impact the net capital rule, customer protection, books and records, and notification rules for broker-dealers. The three key amendments to the Net Capital Rule now require deductions from net worth for liabilities or expenses assumed by third parties; deductions from net worth for non-permanent capital contributions; and deductions for excess fidelity bonds as established by an SRO.

Courtesy of the LeGaye Law Firm

Michael Schaps, Co-Author

Daniel E. LeGaye, Co-Author

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Daniel LeGaye, The LeGaye Law Firm, PC | Attorney Advertising

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