Federal Register: FINRA Proposes Technical Revisions to Supplemental Income Statement

FINRA's proposed technical revisions to the Supplemental Statement of Income ("SSOI") were published in the Federal Register. The SSOI is required to be filed under FINRA Rule 4524 (Supplemental FOCUS Information).

As previously covered, the proposal conforms the SSOI with recently adopted amendments to SEC Financial and Operational Combined Uniform Single Reports ("FOCUS Reports"). The amendments would allow broker-dealers to file the same information on both forms.

The rule change was approved by the SEC for immediate effectiveness, and the SEC elected to waive the 30-day operative delay so that FINRA may implement the proposed change to coincide with the effective date of the SEC changes to the FOCUS Report. FINRA proposed that the rule change go into effect for all SSOIs filed on or after March 31, 2019. Comments on the proposal may continue to be submitted to the SEC until January 17, 2019.