SEC Temporarily Exempts Certain Broker-Dealers and Transactions from Large Trader Rule Requirements

In response to a joint request from SIFMA and the Financial Information Forum, the SEC has issued an order temporarily exempting certain broker-dealers and transactions from the recordkeeping and reporting requirements of Rule 13h-1 ("Large Trader Reporting") under the Exchange Act.The SEC has extended the compliance date for the broker-dealer recordkeeping, reporting, and monitoring requirements, and has established a two-phased approach to implementation of broker-dealer requirements under Rule 13h-1. The exemptive order also establishes a new third phase for full implementation of Rule 13h-1, for which the compliance date is November 1, 2015.

See: SEC Exemptive Order Release No. 34-70150.
See also: SEC Adopts Large Trader Reporting Regime (July 27, 2011).
For a general discussion of the Large Trader Rule, see the Records and Reports Chapter of the Guide to Broker-Dealer Regulation.