On June 27, 2011, the Securities and Exchange Commission (SEC) extended the compliance date for certain requirements of Rule 15c3-5 (the “market access rule”) under the Securities Exchange Act of 1934. Specifically, the SEC extended the compliance date until November 30, 2011, for all aspects of the market access rule for fixed income securities and the requirements of the Rule 15c3-5(c)(1 (i) for all securities. The compliance date remains July 14, 2011, for all other requirements of Rule 15c3-5.
Rule 15c3-5(c)(1)(i) requires a broker-dealer with market access to prevent the entry of orders that exceed appropriate pre-set credit or capital thresholds. While the SEC extended the compliance date for this aspect of the market access rule, the SEC did not extend the compliance date for Rule 15c3-5(c)(1)(ii), preventing the entry of erroneous orders or duplicative orders. Thus, the compliance date for Rule 15c3-5(c)(1)(ii) remains July 14, 2011.
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Securities Law Updates
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