United States

Simplified electronic filing process for broker-dealer annual reports

ARTICLE  | 

The SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system has been updated to simplify the electronic filing process for the annual and supplemental reports required to be filed by a broker-dealer or over-the-counter derivatives dealer under Rule 17a-5 or Rule 17a-12. The new electronic filing process requires at most two attachments, instead of requiring that broker-dealers upload each of the components of the annual reports as a separate attachment. In a no-action letter dated January 27, 2017, the SEC’s Division of Trading and Markets stated its staff will not recommend SEC enforcement action if a broker-dealer or over-the-counter derivatives dealer files its annual and supplemental reports electronically through the EDGAR system in accordance with the SEC’s instructions and conditions, in lieu of filing them with the SEC in paper form. Under the new process, a broker-dealer could file its reports electronically either by:

  • Attaching one document containing all of the annual reports as a public document; or
  • Attaching two documents to its submission - a public document containing the statement of financial condition, the notes to the statement of financial condition, and the accountant's report which covers the statement of financial condition; and a nonpublic document containing all of the components of the annual reports.

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