InfoBytes, June 17, 2011 - A Weekly In-depth review of news & developments in the financial services industry


Topics in this issue: Federal Issues; State Issues; Courts; Firm News; Mortgages; Banking; Consumer Finance; Securities; and Litigation.

Excerpt from "Federal Issues"

Federal Issues

SEC Issues Proposed Amendments to Broker-Dealer Rules. On June 15, the Securities and Exchange Commission (SEC) issued proposed amendments to Rule 17a-5 in order to enhance the auditing and oversight of broker-dealers. The amendments would require broker-dealers to file new annual reports on their compliance with rules relating to net capital and customer protection, and to file reports of their independent auditors regarding compliance with those rules and the internal control over such compliance. With respect to broker-dealers who clear transactions or carry customer accounts, the amendments would require the broker-dealer to consent to its independent auditor making audit work papers available to examiners from the SEC and the broker-dealer’s Self-Regulatory Organization and to the auditor discussing its audit findings with such examiners. Finally, the amendments would require broker-dealers to file new quarterly reports (on what the SEC calls "Form Custody") relating to whether and, if so, how, they maintain custody of customer assets. Comments on the proposed amendments are due within 60 days of publication in the Federal Register (which has not been published as of the date of this InfoBytes)....

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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.

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