SEC extends annual reports deadline for certain smaller broker-dealers

Feb 14, 2021
Capital markets
Audit Financial services Financial reporting SEC matters

On February 12, 2021, the SEC issued an Order extending its annual reports filing deadline by 30 days for a broker-dealer that meets the following requirements:

  • As of its most recent fiscal year end:
    • Was in compliance with Rule 15c3-1; and
    • Had total capital and allowable subordinated liabilities of less than $50 million, as reported in box 3530 of Part II or Part IIA of its FOCUS Report (Form X-17A-5);
  • Is permitted to file an exemption report as part of its most recent fiscal year end annual reports;
  • Submits written notification to its designated examining authority of its intent to rely on the SEC’s Order on an ongoing basis for as long as it meets the conditions of the order; and
  • Files the annual report electronically with the SEC using an appropriate process.