SEC Adopts Changes to Broker-Dealer Net Capital and Financial Responsibility Rules

The US Securities and Exchange Commission recently adopted important changes to the financial responsibility rules for securities broker-dealers, including changes to the regulatory capital and regulatory reporting rules. The new rules include important regulatory capital changes in relation to acting as agent in securities lending, assumption of broker-dealer expenses, and important new recordkeeping and reporting rules relating to compliance with risk mitigation and financial responsibility.

Introduction -

Summary of the Rule Changes On July 30, 2013, the US Securities and Exchange Commission (the “SEC”) adopted changes to its financial responsibility rules for securities broker-dealers, and, in particular, adopted important changes to Rule 15c3-1, the “net capital rule.” The net capital rule is the principal SEC rule governing regulatory capital requirements for securities broker dealers in the United States.

Please see full memo below for more information.

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Shearman & Sterling LLP on:

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