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SEC Permits Filing Extension for Certain Broker-Dealers

The SEC issued an order permitting smaller firms, as specified by FINRA, an additional 30 days for filing reports required under SEA Rule 17a-5(d) ("Annual Reports").

In order to be eligible for the extension, which was issued in response to a request from FINRA, a firm must:

  • be in compliance with SEA Rule 15c3-1 ("Net Capital Requirements for Brokers or Dealers") as of the most recent fiscal year-end;

  • have capital and allowable subordinated liabilities totaling less than $50 million, as reported in its most recent FOCUS report;

  • be able to file an exemption report as part of its most recent annual reports;

  • submit to FINRA written notification indicating its intention to use the extension; and

  • electronically file its annual report with the SEC using an appropriate method.

The order is effective immediately, enabling an eligible firm to avail itself of the relief beginning with the current filing cycle.

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