SEC Grants No-Action Relief to SBSD from Annual Reporting Requirements

The SEC Division of Trading and Markets granted no-action relief to a security-based swap dealer, allowing the firm to incorporate "certain annual reports and reviews for the first fiscal year after the Firm’s registration . . . into the reports and reviews for the Firm’s second fiscal year."

The SEC provided the SBSD relief from requirements to (i) submit financial reports prepared by an independent public accountant, (ii) retain an independent certified accountant to conduct an annual review of the SBSD's risk management practices, (iii) prepare and submit a compliance report and (iv) post a public financial report on its website pursuant to Exchange Act Rules 18a-7 ("Reports to be made by certain security-based swap dealers and major security-based swap participants") 15c3-4 ("Internal risk management control systems for OTC derivatives dealers") and 15Fk-1 ("Designation of chief compliance officer for security-based swap dealers and major security-based swap participants").