SEC Proposes Amendment to Single Issuer Exemption for Broker-Dealers Annual Reports

The SEC proposed an amendment to Exchange Act Rule 17a-5 that would clarify an annual reporting exemption for certain broker-dealers. The amendment clarifies that a broker-dealer that acts as an agent for a single issuer does not need an independent public accountant to certify its annual reports.

In the proposal, the SEC reviewed the history of exemptions to Exchange Act Rule 17a-5, first adopted in 1957. The SEC is proposing this rule amendment to clarify the continuing viability of the exemption.

Comments must be submitted within 30 days of publication in the Federal Register.